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Notes to Accounts of Jai Corp Ltd.

Mar 31, 2023

Note 33 - Exceptional Items

In earlier years, the Company had given capital advances amounting to '' 11,153.49 Lakh towards acquisition of certain properties to a real estate Developer. The Developer failed to deliver the properties at the agreed timelines and the advances are past due for repayment for a long time. In view of the above, during the year ended 31^st March, 2023, the Company has filed an application before the NCLT under Section 7(3)(a) of Insolvency and Bankruptcy Code 2016 towards the recovery of the above amount along with interest. Based on the management''s best estimates depending on the status of the projects a provision of '' 5,077.58 Lakh has been made in the above result and disclosed as an exceptional item.

Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price and financial instrumnents like Mutual Funds for which NAV is published by Mutual Fund Operator. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period and Mutual Fund are valued using the Closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level. Instruments in level 3 category for the company include unquoted equity shares and FCCDs and unquoted units of venture capital funds.

During the years mentioned above, there have been no transfers amongst the levels of hierarchy.

The carrying amounts of trade receivables, cash and cash equivalents, and other bank balances, current loans, other current financial assets, current borrowings, trade payables and other financial liabilities are considered to be approximately equal to the fair value.

The fair values disclosed above are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.

Valuation process

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available. Also, the Company internally evaluates the valuation process and obtains independent price validation for certain instruments wherever necessary

Valuation techniques used to determine fair value and significant estimates and judgements made in:

Significant valuation techniques used to value financial instruments include:

â¢ I nvestment in units, equity instruments and FCCDs are fair valued using the discounted cash flow method or

market comparison method or cost approach as appropriate.

Valuation inputs for fair values of items in level 3 and their relationships to fair value

Fair valuation of Investments in units and unquoted equity shares and FCCD''s are classified as level 3 in the fair value hierarchy because of the unobservable inputs / significant adjustments to observable inputs used to determine the fair value. These investments are mainly into the real estate sector. The valuation methodologies include discounted cash flow method, comparable market price method, as appropriate. The significant unobservable inputs / significantly adjusted observable inputs used in the valuation include prevailing discount rates, market value of land parcels, cost of projects, expected sales consideration etc. A change upto /- 10% in these inputs will impact Other comprehensive income before tax by '' (33.61)/24.16 Lakh for the year ended 31^st March, 2023. The profit for the year would be impacted as a result of gains / losses on investments classified as at fair value through profit or loss, i.e. units. Other comprehensive income would be impacted as a result of gain / losses on investments classified as at fair value through other comprehensive income, i.e. unquoted equity shares and FCCD''s.

37 Financial risk management

The Company is exposed to credit risk, liquidity risk and Market risk.

A Credit risk

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The Company is exposed to credit risk from bank balances, security deposits, investments measured at amortised cost, trade receivables, Loan to Employees and other current financial assets.

The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Investments at Amortised Cost are strategic investments in associated lines of business activity, the company closely monitors the performance of these Companies. Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Other Deposits as place with Government authorities hence the risk of credit loss is negligible.

Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Company''s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Company''s exposure to bad debts is not significant. Also the Company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also credit risk in some of cases are mitigated by letter of credit/Advances from the customer.

The history of trade receivables shows a negligible allowance for bad and doubtful debts.

Credit risk arising from loans to employees are mitigated by structuring the repayment of loans.

B Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and other financial liabilities.

Liquidity risk management

The Company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The Company''s operations provide a natural liquidity of receivables against payments due to creditors. Receipts exceeding the amount of payables to creditors are invested in liquid assets like mutual funds. Borrowings are managed through credit facilities agreed with the Banks, internal accruals and realisation of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.

C Market risk

Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables. The foreign currency exposures are to USD.

Foreign currency risk management

Considering the time duration of exposures, the Company believes that there will be no significant impact on account of fluctuation in exchange rates.

Price risk

The company holds investments in units, equity instruments and mutual funds. The Company''s exposure to equity security''s price risks arises from these investments held by the Company and classified in the balance sheet either as fair value through OCI or at fair value through profit or loss.

Price risk management

The company evaluates the performance of its investments on a periodic basis. Also, the investments have been placed for a long term objective and any deterioration for a temporary period is not taken into account while evaluating the performance of its investments. Majority of the investments are placed for strategic management purposes.

Profit for the year would increase/ decrease as a result of gains/ losses on investments classified as at fair value through profit or loss. Other components of equity would increase/ decrease as a result of equity securities classified as at fair value through other comprehensive income.

Please refer Sensivity impact of significant unobservable inputs for level 3 Fair value management in Note No. 36. These represents the price risk since the price will vary basis the significant inputs.

38 Capital Management 38.1 Risk management :-

For the purpose of Company''s capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company''s capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

41 Contingent Liabilities and Commitments (To the extent not provided for)

('' In Lakh)
Particulars		As at 31^st March, 2023	As at 31^st March, 2022
(A)	Contingent Liabilities
(a)	Claims against the Company not acknowledged as debts
	(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)
	- Income-tax	1,870.89	3,758.18
	- Excise Duty / Service Tax ('' 14.53 Lakh (Previous Year '' 14.53 Lakh) paid under protest)	13.45	13.45
		1,884.34	3,771.64
(B)	Commitments
(a)	Estimated amount of contracts remaining to be executed on Capital Account and not provided for / Net of advance paid
	- Property, Plant and Equipments (Cash outflow is expected on execution of such capital contracts)	-	92.26
(b)	Uncalled liability on partly paid-up Shares/Debentures	186.54	186.54

41.1 Management is of the view that above litigations will not have any material impact on the financial positions of the Company.

42 Events occurring after the reporting date

Refer to note 38.2 for the dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

43 Employee benefits

As per Indian Accounting Standard-19 ''Employee Benefits'', the disclosure of Employee benefits as defined in the Accounting Standard are given below:

(a) Defined Benefit Plan :

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The Fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the cange in assumptions would occur in isolation of one another as some of the assumptions may be correlate.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Interest risk: A fall in the discount rate which is linked to G.Sec. Rate will increase the present value of the liability requiting higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Salary risk: The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of the Income Tax Rules, 1962, this generally reduces ALM risk.

Concentration Risk: Plan is having a concentration risk as all the asseets are invested with the insurance company.

(b) Defined Contribution Plan:

The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is '' 261.31 Lakh (31^st March 2022 - '' 262.25 Lakh).

Note 47

The Board of Directors at its meeting held on 29^th June, 2020 has approved discontinuation of the operations of the Spinning Division of the Company in a phased manner. Management does not envisage any material financial impact on the Company''s operations due to discontinuation of the Spinning division. The same has been considered as discontinuing operations , as prescribed under Indian Accounting Standards (Ind As) 105 âNoncurrent Assets Held for Sale and Discontinued Operationsâ.

Note 48 Other Statutory Information

i) As per section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

ii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

iii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

iv) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

v) There are no charges or satisfaction thereof which are yet to be registered with ROC beyond the statutory period.

vi) The Company has not been declared a willful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

vii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

viii) The Company has not revalued any of its property, plant and equipment (including Right of Use assets) and intangible assets during the year.

ix) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act read with the Companies ( Restriction on number of Layers) Rules, 2017.

Note 49

Previous period figures have been regrouped / rearranged / reclassify wherever necessary to make them comparable.

Mar 31, 2022

2.3 Building includes '' 0.01 Lakh (Previous Year '' 0.01 Lakh as at 31^st March, 2021) being the cost of shares in Co-operative Housing Society towards ownership of residential flats.

2.4 Gross Block of Plant and Equipments includes '' 64.68 Lakh (Previous Year '' 64.68 Lakh as at 31^st March, 2021) and '' 33.56 Lakh (Previous Year '' 33.56 Lakh as at 31^st March, 2021) being the amount spent for laying Power Line and Water Pipe Line respectively, the ownership of which vests with the respective Government Authorities.

2.5 In accordance with the Indian Accounting Standard (Ind AS) 36 on âImpairment of Assetsâ the management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. On the basis of this review carried by the management there was no impairment loss on fixed assets during the year ended 31^st March, 2022.

2.6 The Company do not have any Capital-work-in progress or intangible assets under development, whose completion is overdue or has exceeded its cost compared to its original plan.

2.7 There are no proceedings initiated or pending against the Company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

3.3. Estimation of fair value of investment properties:

The fair values of the properties are based on valuations performed by an accredited independent valuer, who is a specialist in valuing these types of properties. The Fair value of the properties have been worked out keeping in mind the various data and information and a study of the micro market in the discussion with industry experts, local brokers and regional developers. The fair value measurement for all of the investment property has been categoried as a level 3 fair value based on the inputs to the valuation techniques used.

The fair values of the properties as at 31^st March, 2022 are performed by an accredited independent registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 who is a specialist in valuing these types of properties.

5.1 Original Share / Debenture Certificates have been misplaced and steps are being taken to obtain duplicate certificates.

5.2 Original Equity shares of Nirmal Infrastructure Private Ltd. have been kept in Escrow Account and proposed transaction for disposal of investment is being executed.

5.3 The Board of Directors at its meeting held on 13^th August, 2018 has decided to initiate closure of the above subsidiary by adopting suitable procedure under the Companies Act, 2013 and the rules made thereunder accordingly process is being started by that Subsidiary Company.

5.4 During the year, the name of Rudradev Developers Limited, a wholly-owned subsidiary, was struck-off the Register of Companies by the Ministry of Corporate Affairs on the basis of a voluntary application made by that company.

18.1 The Company has decided to sell and / or discard above mentioned assets and accordingly, these assets are classified as assets held for sale and are carried at estimated net realisable value as determined by the management. The expected sales within 12 months.

19(a). 2 The terms / rights attached to the Equity Shares:

The holder of equity shares of '' 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

Nature and purpose - The difference between the fair value of preference shares on the date of issue / modification and the transaction price is recognised as a deemed equity component by the promoters.

Estimation of fair value - For computation of the below fair value benefit, the company has estimated the fair value of the financial liability on the date of issue / modification by considering comparable market interest rates adjusted to the facts and circumstances relevant to the company.

20.1 The terms / rights attached to the Preference Shares:

On 27^th November, 2007 1,50,00,000 1% Non - cumulative, Non - Participating Redeemable Preference Shares of '' 1 each fully paid-up were allotted. Subsequently 1,48,32,000 shares have been redeemed in various tranches and the balance 1,68,000 are redeemable at a premium of 6% p.a. from the date of allotment over and above the total issue price of '' 1,000/- per share which were rolled over for a further period of two years with effect from 26^th November, 2021 as approved by share holders at their meeting held on 22^nd November, 2021 these Preference shares are to be redeemable on 25^th November, 2023. The Preference Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no further or other right to participate either in the profits or assets of the Company and have no voting rights.

21.2 Unrecognised deferred tax assets:

a) On Deductible temporary differences -

Deferred tax assets are not recognised for certain deductible temporary differences arising on fair valuation of investments to the extent of '' 42,250.47 Lakh ( 31^st March, 2021 - 38,727.27 Lakh) because it is not probable that future taxable profits will be available against which these deductible temporary differences can be utilised.

Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price and financial instruments like Mutual Funds for which NAV is published by Mutual Fund Operator. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period and Mutual Fund are valued using the Closing NAV.

During the years mentioned above, there have been no transfers amongst the levels of hierarchy.

Valuation process

Valuation techniques used to determine fair value and significant estimates and judgements made in:

Significant valuation techniques used to value financial instruments include:

â¢ Investment in units, equity instruments and FCCDs are fair valued using the discounted cash flow method or market comparison method or cost approach as appropriate

Valuation inputs for fair values of items in level 3 and their relationships to fair value

Fair valuation of Investments in units and unquoted equity shares and FCCDâs are classified as level 3 in the fair value hierarchy because of the unobservable inputs / significant adjustments to observable inputs used to determine the fair value. These investments are mainly into the real estate sector. The valuation methodologies include discounted cash flow method, comparable market price method, as appropriate. The significant unobservable inputs / significantly adjusted observable inputs used in the valuation include prevailing discount rates, market value of land parcels, cost of projects, expected sales consideration etc. A change upto /- 10% in these inputs will impact the profit before tax by '' (74.16)/74.16 Lakh for the year ended 31^st March, 2022 and Other comprehensive income before tax by '' (66.65)/44.22 Lakh for the year ended 31^st March, 2022. The profit for the year would be impacted as a result of gains / losses on investments classified as at fair value through profit or loss, i.e. units. Other comprehensive income would be impacted as a result of gain / losses on investments classified as at fair value through other comprehensive income, i.e. unquoted equity shares and FCCDâs.

37 Financial risk management

The company is exposed to credit risk, liquidity risk and Market risk.

A Credit risk

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.

Credit risk management

The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Investments at Amortised Cost are strategic investments in associated lines of business activity, the Company closely monitors the performance of these Companies. Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Other Deposits as place with Government authorities hence the risk of credit loss is negligible.

Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Companyâs policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Companyâs exposure to bad debts is not significant. Also the company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also credit risk in some of cases are mitigated by letter of credit/Advances from the customer.

The history of trade receivables shows a negligible allowance for bad and doubtful debts.

Credit risk arising from loans to employees are mitigated by structuring the repayment of loans.

B Liquidity risk

Liquidity risk management

The Company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The Companyâs operations provide a natural liquidity of receivables against payments due to creditors. Receipts exceeding the amount of payables to creditors are invested in liquid assets like mutual funds. Borrowings are managed through credit facilities agreed with the Banks, internal accruals and realisation of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.

Price risk

The Company holds investments in units, equity instruments and mutual funds. The Companyâs exposure to equity securityâs price risks arises from these investments held by the Company and classified in the balance sheet either as fair value through OCI or at fair value through profit or loss.

Price risk management

The Company evaluates the performance of its investments on a periodic basis. Also, the investments have been placed for a long term objective and any deterioration for a temporary period is not taken into account while evaluating the performance of its investments. Majority of the investments are placed for strategic management purposes.

38 Capital Management 38.1 Risk management :-

For the purpose of Companyâs capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Companyâs capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

The Company monitors capital using gearing ratio, which is net debt divided by total capital (equity plus net debt). Net debt are non-current and current debts as reduced by cash and cash equivalents, other bank balances. Equity comprises all components including other comprehensive income.

40.2.2 The transactions with related parties are made on terms equivalent to those that prevail in armâs length transactions. Outstanding balances at year-end are unsecured, unless specified and settlement occurs in cash. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Terms & Conditions:

40.2.3 For terms related to Preference shares issued to related parties refer note 20.

40.2.4 Outstanding loans and advances are unsecured and repayable on demand.

41 Contingent Liabilities and Commitments (To the extent not provided for)

('' In Lakh)
Particulars		As at 31st March, 2022	As at 31^st March, 2021
(A)	Contingent Liabilities
(a)	Claims against the Company not acknowledged as debts
	(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)
	- Income-tax	3,758.18	1,521.15
	- Excise Duty / Service Tax ('' 14.53 Lakh (Previous Year '' 14.53 Lakh) paid under protest)	13.45	13.45
	- Railway Claims (Previous Year '' 65 Lakh paid under protest)	-	95.83
	- Sales Tax (Previous Year '' 0.57 Lakh paid under protest)	-	26.85
		3,771.64	1,657.28
(B)	Commitments
(a)	Estimated amount of contracts remaining to be executed on Capital Account and not provided for / Net of advance paid
	- Property, Plant and Equipments (Cash outflow is expected on execution of such capital contracts)	92.26	76.06
(b)	Uncalled liability on partly paid-up Shares/Debentures	186.54	186.54

41.1 Management is of the view that above litigations will not have any material impact on the financial positions of the Company.

42 Events occurring after the reporting date

Refer to note 38.2 for the dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

43 Employee benefits

As per Indian Accounting Standard-19 âEmployee Benefitsâ, the disclosure of Employee benefits as defined in the Accounting Standard are given below:

(a) Defined Benefit Plan :

by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occuring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlate.

These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company.

(b) Defined Contribution Plan:

As per Ind AS 108 on âOperating Segmentâ - Segment information has been provided under the notes on Consolidated Financial Statements.

Note 46

The Board of Directors at its meeting held on 13^th February, 2020 has decided to discontinue the operations in a phased manner of the Master batch Unit related to Plastic Processing . Management does not envisage any material financial impact on the Companyâs operations due to discontinuation of the above Unit. Further, the management of the Company is of the view that above unit\ does not represents a separate major line of business and hence has not been considered as discontinuing operation as required by the applicable accounting standards.

The Board of Directors at its meeting held on 29^th June, 2020 has approved discontinuation of the operations of the Spinning Division of the Company in a phased manner. Management does not envisage any material financial impact on the Companyâs operations due to discontinuation of the Spinning division. The same has been considered as discontinuing operations, as prescribed under Indian Accounting Standards (Ind As) 105 âNoncurrent Assets Held for Sale and Discontinued Operationsâ.

i) As per section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

ii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

v) There are no charges or satisfaction thereof which are yet to be registered with ROC beyond the statutory period.

Note 50

Previous period figures have been regrouped / rearranged / reclassify wherever necessary to make them comparable.

Mar 31, 2021

Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

During the years mentioned above, there have been no transfers amongst the levels of hierarchy.

Valuation process

Fair valuation of Investments in units and unquoted equity shares and FCCDâs are classified as level 3 in the fair value hierarchy because of the unobservable inputs / significant adjustments to observable inputs used to determine the fair value. These investments are mainly into the real estate sector. The valuation methodologies include discounted cash flow method, comparable market price method, as appropriate. The significant unobservable inputs / significantly adjusted observable inputs used in the valuation include prevailing discount rates, market value of land parcels, cost of projects, expected sales consideration etc. A change upto /- 10% in these inputs will impact the profit before tax by '' (85.25)/85.25 Lakh for the year ended 31^st March, 2021 and Other comprehensive income before tax by '' (70.49)/47.33 Lakh for the year ended 31^st March, 2021. The profit for the year would be impacted as a result of gains / losses on investments classified as at fair value through profit or loss, i.e. units. Other comprehensive income would be impacted as a result of gain / losses on investments classified as at fair value through other comprehensive income, i.e. unquoted equity shares and FCCDâs.

i Financial risk management

The company is exposed to credit risk, liquidity risk and Market risk.

A Credit risk

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The company is exposed to credit risk from bank balances, security deposits, investments measured at amortised cost, trade receivables and other current financial assets. The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Investments at Amortised Cost are strategic investments in associated lines of business activity, the company closely monitors the performance of these Companies. Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Other Deposits as place with Government authorities hence the risk of credit loss is negligible. Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Companyâs policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Companyâs exposure to bad debts is not significant. Also the company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also credit risk in some of cases are mitigated by letter of credit/Advances from the customer. The history of trade receivables shows a negligible allowance for bad and doubtful debts.

B Liquidity risk

Liquidity risk management

The company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The companyâs operations provide a natural liquidity of receivables against payments due to creditors. Receipts exceeding the amount of payables to creditors are invested in liquid assets like mutual funds. Working Capital are managed through credit facilities agreed with the Banks, internal accruals and realisation of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.

C Market risk

Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables. The foreign currency exposures is to US.

Foreign currency risk management

Considering the time duration of exposures, the company believes that there will be no significant impact on account of fluctuation in exchange rates.

Price risk

The company holds investments in units, equity instruments and mutual funds. The Companyâs exposure to equity securityâs price risks arises from these investments held by the Company and classified in the balance sheet either as fair value through OCI or at fair value through profit or loss.

Price risk management

Please refer Sensivity impact of significant unobservable inputs for level 3 Fair value management in Note No. 35. These represents the price risk since the price will vary basis the significant inputs.

37 Capital Management 37.1 Risk management

40.1 Management is of the view that above litigations will not have any material impact on the financial positions of the Company.

41 Events occurring after the reporting date

Refer to note 37.2 for the dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

42 Employee benefits

As per Indian Accounting Standard-19 âEmployee Benefitsâ, the disclosure of Employee benefits as defined in the Accounting Standard are given below:

(a) Defined Benefit Plan :

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occuring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the cange in assumptions would occur in isolation of one another as some of the assumptions may be correlate.

These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the asseets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory guidelines.

(b) Defined Contribution Plan:

Note 44

As per Ind AS 108 on âOperating Segmentâ - Segment information has been provided under the notes on Consolidated Financial Statements.

Note 45

The Company has evaluated the implications of the COVID 19 pandemic and has determined that there is no significant impact on its financial position and performance. The Company has taken into account the possible impact of COVID-19 in preparation of the Standalone financial statements, including assessment of recoverable value of its assets such as Trade receivable, Inventories and Investment etc. and current indicators of future economic conditions. The Company will continue to closely monitor any material changes arising out of future economic conditions and impact on its business.

The Board of Directors at its meeting held on 13^th February, 2020 has decided to discontinue the operations in a phased manner of the Master batch Unit related to Plastic Processing. Management does not envisage any material financial impact on the Companyâs operations due to discontinuation of the above Unit. Further, the management of the Company is of the view that above unit\ does not represents a separate major line of business and hence has not been considered as discontinuing operation as required by the applicable accounting standards.

Note 47

The Board of Directors at its meeting held on 29^th June, 2020 has approved discontinuation of the operations of the Spinning Division of the Company in a phased manner. Management does not envisage any material financial impact on the Companyâs operations due to discontinuation of the Spinning division. The same has been considered as discontinuing operations, as prescribed under Indian Accounting Standards (Ind As) 105 âNon-current Assets Held for Sale and Discontinued Operationsâ.

Previous period figures have been regrouped / rearranged wherever necessary to make them comparable.

Mar 31, 2018

1.nancial risk management

The company is exposed to credit risk, liquidity risk and Market risk.

A Credit risk

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The company is exposed to credit risk from loans to group companies, bank balances, security deposits, investments measured at amortised cost, trade receivables and other current financial assets.

The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly. Investments at Amortised Cost are strategic investments in associated lines of business activity, the company closely monitors the performance of these Companies. Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Loans and other deposits are mostly placed with group companies and government authorities hence the risk of credit loss is negligible. Loans to group companies are reassessed at every reporting dates. The loans are extended for genuine business activities.

The history of trade receivables shows a negligible allowance for bad and doubtful debts.

B Liquidity risk

Liquidity risk management

The company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The companyâs operations provide a natural liquidity of receivables against payments due to creditors. Receipts exceeding the amount of payables to creditors are invested in liquid assets like mutual funds. Borrowings are managed through credit facilities agreed with the Banks, internal accruals and realisation of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.

C Market risk

Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables. The foreign currency exposures are to USD and Euro.

Foreign currency risk management

Considering the time duration of exposures, the company believes that there will be no significant impact on account of fluctuation in exchange rates.

Price risk

Price risk management

Please refer Senility impact of significant unobservable inputs for level 3 Fair value management in Note No. 35. These represents the price risk since the price will vary basis the significant inputs.

2.apital Management

3.sk management :-

39 Related Party Disclosure:

As per Ind AS 24 "Related party Disclosures", disclosure of transactions with the related parties as defined in the Accounting Standard are given below:-

4.ist of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Assurene Products Corporation till 17.03.2017

Belle Terre Realty Limited

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rudradev Developers Limited

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Private Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

Jai Corp Welfare Foundation (Registered U/S 8 of Companies Act, 2013)

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri Anand Jain

(b) Shri Virendra Jain

(d) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri

Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain and Shri Anand Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain and Shri Virendra Jain

(f) Shri. Harsh Jain Relative of Shri Anand Jain and Shri Virendra Jain

(g) Shri. Satyapal Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri

Virendra Jain.

(h) Smt. Ruchi Jain Relative of Shri Anand Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(d) Malhar Developers Pvt Limited

(e) India Net

(f) Prime Trust

(g) Mega Trust

(h) GJRJ Trust

(i) LJNK Trust (j) AERO Trust (k) Iceberg Trust (l) NK Trust

39.3.2 The transactions with related parties are made on terms equivalent to those that prevail in armâs length transactions. Outstanding balances at year-end are unsecured, unless specified and settlement occurs in cash. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Terms & Conditions:

39.3.3 For terms related to Prefernce shares issued to related parties refer note 19

39.3.4 Outstanding loans and advances are unsecured and repayable on demand.

39.3.5 Inter Corporate Deposits given for the working capital need of the subsidiary companies. The same are interest bearing and at armâs length.

39.3.6 The sales to related parties were in the ordinary course of business. The company has not recorded any loss allowances for trade receivable from related parties.

40.1 Management is of the view that above litigations will not have any material impact on the financial positions of the Company.

5.ents occurring after the reporting date

Refer to note 37.2 for the dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

6.mployee benefits

As per Indian Accounting Standard-19 âEmployee Benefitsâ, the disclosure of Employee benefits as defined in the Accounting Standard are given below:

(a) Defined Benefit Plan :

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory guidelines.

(b) Defined Contribution Plan:

Note 7

As per Ind AS 108 on "Operating Segment" - Segment information has been provided under the notes on Consolidated Financial Statements._

Note 8

Previous period figures have been regrouped / re-classified wherever necessary to make them comparable.

Mar 31, 2017

1 Building includes Rs. 0.01 Lacs (Rs. 0.01 Lacs as at 31^st March, 2016 and Rs. 0.01 Lacs as at 1^st April, 2015) being the cost of shares in Co-operative Housing Society towards ownership of residential flats.

2 Gross Block of Plant and Equipments includes Rs. 64.68 Lacs (Rs. 64.68 Lacs as at 31^st March, 2016 and Rs. 64.68 Lacs as at 1^st April, 2015) and Rs. 33.56 Lacs (Rs. 33.56 Lacs as at 31^st March, 2016 and Rs. 33.56 Lacs as at 1^st April, 2015) being the amount spent for laying Power Line and Water Pipe Line respectively, the ownership of which vests with the respective Government Authorities.

3 In accordance with the Indian Accounting Standard (Ind AS) 36 on "Impairment of Assets" the management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. On the basis of this review carried by the management there was no impairment loss on fixed assets during the year ended 31^st March, 2017.

4 The carrying value (Gross Block less accumulated depreciation) as on 1^st April, 2015 as per previous GAAP of the Property, plant and equipment is considered as a deemed cost on the date of transition.

5. Estimation of fair value of investment properties:

The best evidence of fair value is current price in an active market for similar properties. Where such information is not available, the Company considers information from a variety of sources including current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences.

The fair value measurement for all of the investment property has been categorized as a level 3 fair value based on the inputs to the valuation techniques used.

6. The carrying value (Gross Block less accumulated depreciation) as on 1^st April, 2015 as per previous GAAP of the Investment Properties is considered as a deemed cost on the date of transition.

7. The carrying value (Gross Block less accumulated amortization) as on 1^st April, 2015 as per previous GAAP of the Intangible assets is considered as a deemed cost on the date of transition.

8. Intangible assets represents software other than self generated.

9. Considering substantial delay in the project which is yet to start, the Promoters of Nirmal Infrastructure Pvt Ltd have proposed to purchase the entire stake of Jaicorp for a sum of approximately Rs. 374.00 Lacs including premium of Rs. 248.00 Lacs on a investment of Rs. 100.00 Lacs and interest of Rs. 26.00 Lacs being interest for the delayed period. Hence the same was classified as held for sale in earlier years.

Original Equity shares of Nirmal Infrastructure Private Ltd. have been kept in Escrow Account and proposed transaction for disposal of investment is being executed.

However during the year, the transaction in respect of proposed disposal has not been honoured by the promoters of the investee and hence the said investment is not classified as held for sale at the end of the reporting period. The same will be kept as a strategic investment and due to the change in classification the other comprehensive income for the year has reduced by Rs. 274.00 Lacs.

10. Considering substantial delay in the project which is yet to start, the Promoters of Earnest Towers Pvt. Ltd have proposed to purchase the entire stake of Jaicorp for a sum of approximately Rs. 856.77 Lacs . Hence the same was classified as held for sale.

11. Assets held for sale represents Plant and Machineries discared in current year and earlier years and not in use and are carried at estimated net realizable value as determined by the management.

12.(a).2 The terms / rights attached to the Equity Shares:

The holder of equity shares of Re. 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

Nature and Purpose - The Reserve was created in pursuant to scheme for the merger of Comet Steels Ltd and Sipta Coated Steels Ltd with Jai Corp Ltd. The reserve will be utilized in the compliance with the provisions of the Company''s Act, 2013.

Nature and Purpose - The reserve was created upon the redemption of preference shares and will be utilized with the compliance of the provisions of the Company''s Act, 2013.

Nature and Purpose - General Reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purpose. This reserve is a distributable reserve.

Nature and Purpose - The company has elected to recognize changes in the fair value of certain investments in equity instruments in other comprehensive income.

Nature and purpose - Other comprehensive income also comprises of re-measurements of defined benefit obligations.

"Nature and purpose - The difference between the fair value of preference shares on the date of issue / modification and the transaction price is recognized as a deemed equity component by the promoters. Estimation of fair value - For computation of the below fair value benefit, the company has estimated the fair value of the financial liability on the date of issue / modification by considering comparable market interest rates adjusted to the facts and circumstances relevant to the company."

13. In the earlier year, Company availed Sales Tax Loan of Rs. 890.47 Lacs which was repayable by 2027.

During the previous year Company had paid Rs. 507.95 Lacs at Net Present Value against the Full and final settlement of the loan liability and differential amount had been credited to Statement of Profit and Loss under the head Other Income as "Gain on Prepayment of Sales Tax Loan".

14. The terms / rights attached to the Preference Shares:

On 27^th November, 2007 1,50,00,000 1% Non - cumulative, Non - Participating Redeemable Preference Shares of Re.1 each fully paid-up were allotted. Subsequently 89,00,100 shares have been redeemed in various tranches and the balance 60,99,900 are redeemable at a premium of 6 % p.a. from the date of allotment over and above the total issue price of Rs. 1,000/- per share which were rolled over for a further period of two years with effect from 26th November, 2015 as approved by share holders at their meeting held on 23^rd September, 2015, these Preference shares are to be redeemable on 25^th November, 2017. The Preference Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no further or other right to participate either in the profits or assets of the Company and have no voting rights.

* Preference shares value shown above is valued at its Face Value.

15. Unrecognized deferred tax assets:

a) On Deductible temporary differences -

Deferred tax assets are not recognized for certain deductible temporary differences arising on fair valuation of investments to the extent of Rs. 29,340.17 Lacs ( 31st March 2016 - 25,917.68 Lacs, 1st April 2015 - 22,822.37 Lacs) because it is not probable that future taxable profits will be available against which these deductible temporary differences can be utilized.

16. Unclaimed Dividends does not include amount, due and outstanding, to be credited to Investor Education and Protection Fund.

17. Other Includes Security Deposit from Customer and Laibility for Expenses etc.

18. The Company had recognized liability based on substantial degree of estimation for excise duty payable on the clearance of goods lying in stock as on 31st March, 2016 of Rs. 317.20 Lacs and as on 31st March, 2015 of Rs. 90.18 Lacs as per the estimated pattern of dispatches. During the year 2016-17, Rs. 317.20 Lacs was utilised for clearance of goods and during the year 2015-16, Rs. 90.18 Lacs was utilized for clearance of goods. Liability recognized under this class for the year is Rs. 142.80 as at 31st March, 2017, which is outstanding as on 31st March, 2017. Actual outflow is expected in the next financial year._

19. Insurance Claim received includes Rs. 525.69 Lacs on account of final settlement of Loss of Profit (LOP) in respect of the Company''s claim arising due to a major fire on 11th October, 2012 at one of the Company''s HDPE/PP woven sacks units located at Daman.

20. Miscellenous Income includes Rs. 308.02 Lacs on account of refund of excess electricity charges paid and Rs. 40.53 lacs towards refund of excess excise duty._

21.Notes related to Corporate Social Responsibility expenditure

a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the company during the year is Rs. 188.66 Lacs (Previous Year Rs. 201.99 Lacs)

b) Expenditure related to Corporate Social Responsibility is Rs. 209.95 Lacs (Previous Year Rs. 184.66

Lacs).

Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price and financial instruments like Mutual Funds for which NAV is published by Mutual Fund Operator. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period and Mutual Fund are valued using the Closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments in the level 2 category for the company include forward exchange contract derivatives.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this level. Instruments in level 3 category for the company include unquoted equity shares and FCCDs, unquoted units of mutual funds and unquoted units of venture capital funds

During the years mentioned above, there have been no transfers amongst the levels of hierarchy.

Valuation process

Valuation techniques used to determine fair value and significant estimates and judgments made in:

Significant valuation techniques used to value financial instruments include:

- Investment in units, equity instruments and FCCDs are fair valued using the discounted cash flow method or market comparison method or cost approach as appropriate

- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date

Valuation inputs for fair values of items in level 3 and their relationships to fair value

Fair valuation of Investments in units and unquoted equity shares and FCCD''s are classified as level 3 in the fair value hierarchy because of the unobservable inputs / significant adjustments to observable inputs used to determine the fair value. These investments are mainly into the real estate sector. The valuation methodologies include discounted cash flow method, comparable market price method, as appropriate. The significant unobservable inputs / significantly adjusted observable inputs used in the valuation include prevailing discount rates, market value of land parcels, cost of projects, expected sales consideration etc. A change up to /- 10% in these inputs will impact the profit before tax by Rs. (287.77) / 287.77 Lacs for the year ended 31st March, 2017 and Other comprehensive income before tax by Rs. (590.70) / 551.78 Lacs for the year ended 31st March, 2017. The profit for the year would be impacted as a result of gains / losses on investments classified as at fair value through profit or loss, i.e. units. Other comprehensive income would be impacted as a result of gain / losses on investments classified as at fair value through other comprehensive income, i.e. unquoted equity shares and FCCD''s.

22. Financial risk management

The company is exposed to credit risk, liquidity risk and Market risk.

A Credit risk

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortized cost.

Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The company is exposed to credit risk from loans to group companies, bank balances, security deposits, investments measured at amortized cost, trade receivables and other current financial assets.

The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly. Investments at Amortized Cost are strategic investments in associated lines of business activity, the company closely monitors the performance of these Companies. Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Company''s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Company''s exposure to bad debts is not significant. Also the company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also credit risk in some of cases are mitigated by letter of credit/Advances from the customer.

The history of trade receivables shows a negligible allowance for bad and doubtful debts.

B Liquidity risk

- borrowings, trade payables and other financial liabilities.

Liquidity risk management

The company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The company''s operations provide a natural liquidity of receivables against payments due to creditors. Receipts exceeding the amount of payables to creditors are invested in liquid assets like mutual funds. Borrowings are managed through credit facilities agreed with the Banks, internal accruals and realization of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.

Price risk

Price risk management

Please refer Sensitivity impact of significant unobservable inputs for level 3 Fair value management in Note No. 36. These represents the price risk since the price will vary basis the significant inputs.

23.Capital Management

24 Risk management :-

For the purpose of Company''s capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company''s capital management is to maximize shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

The Company monitors capital using gearing ratio, which is net debt divided by total capital (equity plus net debt). Net debt are non-current and current debts as reduced by cash and cash equivalents. Equity comprises all components including other comprehensive income.

25. Related Party Disclosure:

As per Ind AS 24 "Related party Disclosures", disclosure of transactions with the related parties as defined in the Accounting Standard are given below:-

40.1 List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Assurene Products Corporation till 17.03.2017

Belle Terre Realty Limited

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rudradev Developers Limited

Sarbags Pty Limited till 15.03.2016

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

Jaicorp Welfare Foundation (Registered U/S 8 of Companies Act, 2013)

(ii) Associates: Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri Anand Jain

(b) Shri Virendra Jain

(d) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain and Shri Anand Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain and Shri Virendra Jain

(f) Shri. Harsh Jain Relative of Shri Anand Jain and Shri Virendra Jain

(g) Shri. Satyapal Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(h) Smt. Ruchi Jain Relative of Shri Anand Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(d) Malhar Developers Pvt Limited

(e) India Net

(f) Prime Trust

(g) Mega Trust

(h) GJRJ Trust

(i) LJNK Trust

Notes :

(i) The above loans and advances includes Rs. Nil (Previous Year Rs. Nil as at 31st March, 2016 and Rs. 40,073.12 Lacs as at 1st April, 2015) are free of interest, which is repayable on demand.

(b) None of the loaners have made, per se, investment in the shares of the Company.

(c) Investment in subsidiaries by: Jai Realty Ventures Limited

26. The transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at year-end are unsecured, unless specified and settlement occurs in cash. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Terms & Conditions:

27. For terms related to Preferences shares issued to related parties refer note 20.2

28. Outstanding loans and advances are unsecured and repayable on demand.

29. Inter Corporate Deposits given for the working capital need of the subsidiary companies. The same are interest bearing and at arm''s length.

30. The sales to related parties are in the ordinary course of business. The company has not recorded any loss allowances for trade receivable from related parties.

31. Management is of the view that above litigations will not have any material impact on the financial positions of the Company.

32. Events occurring after the reporting date

Refer to note 38.2 for the dividend recommended by the directors which is subject to the approval of shareholders in the ensuing annual general meeting.

33. Employee benefits

As per Indian Accounting Standard-19 ''Employee Benefits'', the disclosure of Employee benefits as defined in the Accounting Standard are given below:

(a) Defined Benefit Plan :

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The Employees'' Gratuity Fund is managed by the Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Expected contributions to post employment benefit plans for the year ending 31st March, 2018 are Rs. 110.49

Lacs

The weighted average duration of the defined benefit obligation is 13 years (March'' 16 - 14 years)

These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.

Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan debt investments.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary risk: The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Defined Contribution Plan:

The Company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the group is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognized during the period towards defined contribution plan is 233.92 Lacs (31 March 2016 - 259.06 Lacs).

34. First time adoption of Ind AS A First Ind AS Financial statements

These are the company''s first separate financial statements prepared in accordance with Ind AS.

The accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended 31^st March 2017, the comparative information presented in these financial statements for the year ended 31^st March 2016 and in the preparation of an opening Ind AS balance sheet at 1^st April 2015 (the date of transition). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

An explanation of how the transition from previous GAAP to Ind AS has affected the company''s financial position, financial performance and cash flows is as follows:

i Optional exemptions availed Business combinations

The company has availed the business combination exemption on first time adoption of Ind AS and accordingly the business combinations prior to date of transition have not been restated to the accounting prescribed under Ind AS 103 - Business combinations.

The company applies the requirements of Ind AS 103 - Business combinations to business combinations occurring after the date of transition to Ind AS Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.

Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.

Investment in subsidiaries, associates and joint ventures

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its investments in subidiaries, associates and joint ventures as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.

Accordingly, the company has elected to measure all of its investments in subsidiaries, associates and joint ventures at their previous GAAP carrying value.

ii Mandatory exceptions applied Estimates

An entity''s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

I nd AS estimates as at 1^st April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP except where Ind AS required a different basis for estimates as compared to the previous GAAP.

De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity''s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.

The company has applied the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS. Government loans

As per Ind AS 101, If a first-time adopter did not, under its previous GAAP, recognise and measure a government loan at a below-market rate of interest on a basis consistent with Ind AS requirements, it shall use its previous GAAP carrying amount of the loan at the date of transition to Ind ASs as the carrying amount of the loan in the opening Ind AS Balance Sheet. An entity shall apply Ind AS 109 to the measurement of such loans after the date of transition to Ind As.

The company has applied this exception to the interest free sales tax loan from the government authorities existing as at 1^st April 2015.

35. Impact of Ind AS adoption on the statement of cash flows for the year ended 31st March 2016 -

Under Ind AS, working capital loans repayable on demand forming an integral part of the cash management process are included in cash and cash equivalents for the purpose of presentation of statement of cash flows. These loans were considered as part of borrowings under Previous GAAP and accordingly, movements in working capital loans were shown as part of financing activities in the statement of cash flows. Consequently with the change to Ind AS, cash and cash equivalents have reduced by Rs. 44.20 Lacs as at 31^st March 2016 (1^st April 2015 - Rs. 42.92 Lacs) and cash flows from financing activities for the year ended 31^st March 2016 have also reduced by 1.28 Lacs to the effect of the movements in working capital loans.

All other adjustments on account of Ind AS are non - cash in nature and hence, there is no other material impact on the cash flows in the cash flow statement.

Explanation to reconciliation:

B.1 Financial Liabilities

The Preference shares are classified as a financial liability. The liability was initially recognized on fair value and considering these shares are issued to the promoters, the difference between the fair value and transaction price as deemed equity contribution by the promoters. Subsequently, the liability is measured at amortized cost using the effecting interest rate. The impact on this account has been recognized in the reserve on the transition date and the subsequent impact are recognized in the Statement of Profit and Loss and equity.

B.2 Fair valuation of financial assets

The Company has valued all financial assets at fair value. The impact of the fair value changes on the date of transition is recognized in the opening reserves and changes thereafter are recognized in Statement of Profit and Loss and other comprehensive income.

B.3 Interest free loans to subsidiary company

Previous GAAP - Interest free loans were carried at the gross amount of loan.

Ind AS - Under Ind AS 109 - Financial instruments, loans (financial asset) are recognized at fair value on initial recognition. The difference between the fair value and transaction price is recognized as a deemed investment in the subsidiary company. Subsequently, the loan is measured at amortized cost using the effective interest rate method.

The impacts up to the date of transition have been recognized in reserves and subsequently in the statement of profit and loss.

B.4 Actuarial gains / losses

Gains/Losses through re-measurements of net defined benefit liabilities/assets are recognized in other comprehensive income.

B.5 Proposed dividends

Proposed dividends were recognized as an adjusting event occurring after the balance sheet date in previous GAAP, however as per Ind AS, dividends are non-adjusting events after the balance sheet date and hence recognized as and when approved by the shareholders.

B.6 Deferred taxes

The impact of transitional adjustments together with Ind AS mandate of using balance sheet approach (against profit and loss approach in the previous GAAP) for computation of deferred taxes has resulted in charge to Reserves, on the date of transition, with consequential impact to the Statement of Profit and Loss for the subsequent periods.

B.7 Other comprehensive income (OCI)

Items recognized in OCI mainly comprise of

- fair value changes in financial assets designated as fair value through OCI on the date of transition

- actuarial gains

- tax impacts on the above B.8 Investment Property

Under the previous GAAP, certain investment properties were presented as part of property, plant and equipment. Under Ind AS, investment properties are required to be separately presented on the face of the balance sheet. There is no impact on the total equity or profit as a result of this adjustment.

B.9 Assets classified as held for sale

Previous GAAP - Certain fixed assets held for sale by the company were reclassified from Fixed assets to Other current assets at the lower of its carrying value or net realizable value. Any gain / loss was recognized in statement of profit and loss. Investments held for sale were continued to be recognized as Investments. Ind AS - Non - Current assets meeting the held for sale criteria as per Ind AS 105 are measured at fair value less cost of disposal and disclosed separately on the face of the balance sheet. Any gain / loss is recognized in statement of profit and loss. Certain Investments for which the company has made the decision to dispose have been classified as assets held for sale. The measurement provisions as explained above for financial assets continue to apply to the investments held for sale.

B.10 Excise duty

Previous GAAP - Revenue from sale of goods was presented net of excise duty.

Ind AS - Revenue from sale of goods was presented inclusive of excise duty. The excise duty is presented on the face of the Statement of Profit and Loss as a part of expenses.

B.11 Retained Earnings

Retained earnings as at 1st April 2015 has been adjusted consequent to the above Ind AS transition adjustments.

Note 36.

As per Ind AS 108 on "Operating Segment" - Segment information has been provided under the notes on Consolidated Financial Statements.

Mar 31, 2016

1. (i) The terms / rights attached to the equity Shares:

The holder of equity shares of Re. 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend
only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the
annual general meeting of that year. In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by share holders.

(ii) The terms / rights attached to the preference Shares:

On 27th November, 2007 1,50,00,000 1% Non - cumulative, Non - Participating Redeemable Preference Shares of Rs, 1 each fully
paid-up were allotted. Subsequently 85,55,100 shares have been redeemed in various tranches and the balance 64,44,900 are
redeemable at a premium of 6 % p.a. from the date of allotment over and above the total issue price of Rs, 1,000/- per share
which were rolled over for a further period of two years with effect from 26th November, 2015 as approved by share holders at
their meeting held on 23rd September, 2015 these Preference shares are to be redeemable on 25th November, 2017. The Preference
Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in
priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no
further or other right to participate either in the profits or assets of the Company and have no voting rights.

2. Redemption premium on Preference Shares as mentioned above will be paid out of the Securities Premium Account, hence no
provision has been considered necessary.

3. In the earlier year, Company availed Sales Tax Loan of Rs, 890.47 Lacs which was repayable by 2027. During the year Company
has paid Rs, 507.95 Lacs at Net Present Value against the Full and final settlement of the loan liability and differential amount
has been credited to Statement of Profit and Loss under the head Other Income as "Gain on Prepayment of Sales Tax Loan".

4. The Company had recognized liability based on substantial degree of estimation for excise duty payable on the clearance of
goods lying in stock as on 31st March, 2015 of Rs, 90.18 Lacs as per the estimated pattern of dispatches. During the year, Rs,
90.18 Lacs was utilized for clearance of goods. Liability recognized under this class for the year is Rs, 317.23 Lacs, which is
outstanding as on 31st March, 2016. Actual outfow is expected in the next financial year.

5. Building includes Rs, 0.01 Lacs (Previous Year Rs, 0.01 Lacs) being the cost of shares in Co-operative Housing Society
towards ownership of residential fats.

6. Gross Block of Plant and Equipments includes Rs, 64.68 Lacs (Previous Year Rs, 64.68 Lacs) and Rs, 33.56 Lacs (Previous Year
Rs, 33.56 Lacs) being the amount spent for laying Power Line and Water Pipe Line respectively, the ownership of which vests with
the respective Government Authorities.

7. Pursuant to the provisions of the Companies Act, 2013 (the Act), during the previous year the Company revised depreciation
rates on its fixed assets based on useful life of the assets as provided in Part C of Schedule II of the Act resulting in an
additional depreciation of Rs, 340.07 Lacs for the year ended 31st March, 2015. In case of the written down value of fixed assets
of Rs, 393.32 Lacs, whose useful life was already exhausted as on 1st April, 2014, depreciation of Rs, 259.76 Lacs (net of
deferred tax of Rs, 133.54 Lacs) have been adjusted against General Reserve.

8. In accordance with the Accounting Standard (AS) 28 on "Impairment of Assets" the management during the year carried out an
exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the
said Accounting Standard. On the basis of this review carried by the management there was no impairment loss on fixed assets
during the year ended 31st March, 2016.

9. Represents face value in Australian Dollar and US Dollar.

10. Original Share / Debenture Certificates have been misplaced and steps are being taken to obtain duplicate certificates.

11. Original Equity shares of Nirmal Infrastructure Private Ltd. have been kept in Escrow Account and proposed transaction for
disposal of investment is being executed.

12. The details of the provision for diminution in the value of non-current investments is as under

13. In the opinion of the management, diminution in the value of long term investment, except as provided, is temporary in
nature, hence no provision has been considered necessary.

14. Sarbags PTY Limited, a wholly owned subsidiary of the company registered in Australia has been deregistered w.e.f.
15.03.2016.

15. Income from Long-term Investments includes Company''s share in the accrued income of Venture Capital Fund from Venture
Capital Undertakings (VCUs) amounting to Rs, 25.90 Lacs (Previous Year Rs, 297.64 Lacs) for the year ended 31st March, 2016 which
is taxable in the hand of the Company under section 115 E of the Income-tax Act, 1961 and the aggregate amount of Rs, 207.06 Lacs
(Previous year Rs, 318.41 Lacs) is outstanding as on 31st March, 2016. The income is recognized based on the certificate received
from such Venture Capital Fund.

16. The insurance claim in respect of the major fre on 11th October, 2012 at one of the Company''s HDPE/PP Woven Sacks Units
located at Daman has been received. Accordingly, the above loss in respect of inventory and building has been charged to
statement of profit and loss and has been disclosed under the head "Exceptional item "during the previous year.

17. Notes related to Corporate Social Responsibility expenditure

a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the company
during the year is Rs, 201.99 Lacs (Previous Year Rs, 243.30 Lacs)

b) Expenditure related to Corporate Social Responsibility is Rs, 184.66 Lacs (Previous Year Rs, 51.50 Lacs).

Note 18. - Employee benefits

As per Accounting Standard-15 ''Employee Benefits'', the disclosure of Employee benefits as defined in the Accounting Standard are
given below:

(a) Defined Benefit Plan :

The Employees'' Gratuity Fund is managed by the Life Insurance Corporation of India. The present value of obligation is determined
based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

19. The Expenses on account of forward premium on outstanding forward exchange contracts to be recognized in the Statement of
Profit and Loss of subsequent accounting year aggregate to Rs, 11.83 Lacs (Previous Year Rs, Nil).

note 20. Related party disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defined in the
Accounting Standard are given below:

(i) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited Assurene Products Corporation Belle Terre Realty Limited Ekdant Realty &
Developers Limited Hari Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors
Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced
Impex Limited Novelty Realty & Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rudradev Developers Limited
Sarbags Pty Limited Swar Land Developers Limited Swastik Land Developers Limited UI Wealth Advisors Limited Urban Infrastructure
Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug
Developers Limited Jai Corp Welfare Foundation (Registered U/S 8 of Companies Act, 2013)

(ii) associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial personnel :

(a) Shri Anand Jain

(b) Shri Virendra Jain

(d) Shri V. S. Pandit

(iv) Relatives of Key Managerial personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain and Shri Anand Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain and Shri Virendra Jain

(f) Shri. Harsh Jain Relative of Shri Anand Jain and Shri Virendra Jain

(g) Shri. Satyapal Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(v) enterprises over which Key Managerial personnel and their relatives are able to exercise signifcant infuence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(d) Malhar Developers Pvt Limited

(e) India Net

note 21

Signifcant transactions with related parties:- i) Preference Share Capital as at 31st March, 2016 includes Rs, 19.08 Lacs
(Previous Year Rs, 23.59 Lacs) of Smt. Laxmi Jain, Rs, 8.68 Lacs (Previous Year Rs, 19.58 Lacs) of Smt. Sushma Jain, Rs, 19.03
Lacs (Previous Year Rs, 23.58 Lacs) of Smt. Rina Jain, Rs, 3.30 Lacs (Previous year Rs, 4.00 Lacs) of Smt. Neha Bagaria, Rs, 4.00
lacs (Previous Year Rs, Nil) of Shri Harsh Jain, Rs, 2.40 Lacs (Previous Year Rs, Nil) of Shri Anand Jain and Rs, 2.45 Lacs
(Previous Year Rs, Nil) of Shri Satyapal Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs, nil (Previous Year Rs, 3,871.88 Lacs) to Shri.
Gaurav Jain, Rs, 2,040.70 Lacs (Previous Year Rs, 4,230.74 Lacs) to Smt. Sushma Jain, Rs, nil (Previous Year Rs, 3,871.88) to
Shri. Ankit Jain, Rs, 3,076.93 Lacs (Previous Year Rs, 358.86 Lacs) to Smt. Laxmi Jain, Rs, 3,076.93 Lacs (Previous Year Rs,
358.86 Lacs) to Smt. Rina Jain and Rs, 1,036.23 (Previous Year Rs, Nil) to Smt. Neha Bagaria.

iii) Other Current Liabilities includes Commission Payable Rs, 3.45 Lacs (Previous Year Rs, Nil) to Assurene Products
Corporation.

iv) Investments Purchased during the year Rs, 12,388.00 Lacs (Previous Year Rs, 350.55 Lacs) of Jai Realty Ventures Ltd., Rs, nil
(Previous Year Rs, 3.03 lacs) of Assurene Products Corporation., Rs, 702.00 Lacs (Previous Year Rs, Nil) of Ashoka Realty and
Developers Limited, Rs, 1,680.00 Lacs (Previous Year Rs, Nil) of Ekdant Realty & Developers Limited, Rs, 893.22 Lacs (Previous
Year Rs, Nil) of Hari Darshan Realty Limited, Rs, 288.75 Lacs (Previous Year Rs, Nil) of Hill Rock Construction Limited, Rs,
949.00 Lacs (Previous Year Rs, Nil) of Hind Agri Properties Limited, Rs, 11,923.00 Lacs (Previous Year Rs, Nil) of Iconic
Realtors Limited, Rs, 1,947.00 Lacs (Previous Year Rs, Nil) of Jailaxmi Realty and Developers Limited, Rs, 1,992.58 Lacs
(Previous Year Rs, Nil) of Krupa Land Limited, Rs, 831.00 Lacs (Previous Year Rs, NiL) of Krupa Realtors Limited, Rs, 949.39 Lacs
(Previous Year Rs, Nil) of Multifaced Impex Limited, Rs, 984.00 Lacs (Previous Year Rs, Nil) of Novelty Realty & Developers
Limited, Rs, 1,238.00 Lacs (Previous Year Rs, Nil) of Rainbow Infraprojects Limited, Rs, 1,179.00 Lacs (Previous Year Rs, Nil) of
Rudradev Developers Limited, Rs, 2,709.00 Lacs (Previous Year Rs, Nil) of Swar Land Developers Limited, Rs, 977.31 Lacs (Previous
Year Rs, Nil) of Swastik Land Developers Limited, Rs, 157.34 Lacs (Previous Year Rs, Nil) of Vasant Bahar Realty Limited, Rs,
551.05 Lacs (Previous Year Rs, Nil) of Welldone Real Estate Limited, Rs, 870.75 Lacs (Previous Year Rs, Nil) of Yug Developers
Limited, Rs, 5.00 Lacs (previous Year Rs, Nil) of Jaicorp Welfare Foundation and Rs, 8,522.71 Lacs (Previous Year Rs, Nil) of
Urban Infrastructure Holding Private Limited.

v) Sale or Redemption of Investment of the Company amount of Rs, 602.00 Lacs (Previous Year Rs, Nil) of Ashoka Realty and
Developers Limited, Rs, 255.00 Lacs (Previous Year Rs, Nil) of Swar Land Developers Limited and Rs, 877.50 Lacs (Previous Year
Rs, Nil) of Swastik Land Developers Limited.

vi) Refund of Investment on Liquidation of the Company amount of Rs, 12.34 Lacs (Previous Year Rs, Nil) in Sarbags PTY Ltd. and
Rs, nil (Previous Year Rs, 215.00 Lacs) in Jai Corp Finance & Holdings Ltd.

vii) Investments as at 31st March 2016, include Rs, 20,602.02 Lacs (Previous Year Rs,12,079.31 Lacs) in Urban Infrastructure
Holdings Pvt.Ltd.,Rs, 12,793.55 Lacs (Previous Year Rs, 350.55 Lacs) of Jai Realty Ventures Ltd., Rs, 3.03 Lacs (Previous Year
Rs, 3.03 lacs) of Assurene Products Corporation., Rs, 100.00 Lacs (Previous Year Rs, Nil) of Ashoka Realty and Developers
Limited, Rs, 1,680.00 Lacs (Previous Year Rs, Nil) of Ekdant Realty & Developers Limited, Rs, 893.22 Lacs (Previous Year Rs, Nil)
of Hari Darshan Realty Limited, Rs, 288.75 Lacs (Previous Year Rs, Nil) of Hill Rock Construction Limited, Rs, 949.00 Lacs
(Previous Year Rs, Nil) of Hind Agri Properties Limited, Rs, 11,923.00 Lacs (Previous Year Rs, Nil) of Iconic Realtors Limited,
Rs, 1,947.00 Lacs (Previous Year Rs, Nil) of Jailaxmi Realty and Developers Limited, Rs, 1,992.58 Lacs (Previous Year Rs, Nil) of
Krupa Land Limited, Rs, 831.00 Lacs (Previous Year Rs, NiL) of Krupa Realtors Limited, Rs, 949.39 Lacs (Previous Year Rs, Nil) of
Multifaced Impex Limited, Rs, 984.00 Lacs (Previous Year Rs, Nil) of Novelty Realty & Developers Limited, Rs, 1,238.00 Lacs
(Previous Year Rs, Nil) of Rainbow Infraprojects Limited, Rs, 1,179.00 Lacs (Previous Year Rs, Nil) of Rudradev Developers
Limited, Rs, 2,454.00 Lacs (Previous Year Rs, Nil) of Swar Land Developers Limited, Rs, 99.81 (Previous Year Rs, Nil) of Swastik
Land Developers Limited, Rs, 157.34 Lacs (Previous Year Rs, Nil) of Vasant Bahar Realty Limited, Rs, 551.05 Lacs (Previous Year
Rs, Nil) of Welldone Real Estate Limited, Rs, 870.75 Lacs (Previous Year Rs, Nil) of Yug Developers Limited, Rs, 5.00 Lacs
(Previous Year Rs, Nil) of Jai Corp Welfare Foundation, Rs, 100.28 Lacs (Previous Year Rs, 100.28 Lacs) of Urban Infrastructure
Venture Capital Limited and Rs, 5.01 Lacs (Previous Year Rs, 5.01 Lacs) of Urban Infrastructure Trustees Ltd.

viii) Trade Receivables as at 31st March, 2016 include Rs, 1,271.91 Lacs (Previous Year Rs, 2,011.62 Lacs) due from Assurene
Products Corporation.

ix) Loans and Advances given include Rs, 158.50 Lacs (Previous Year Rs,1,213.30 Lacs) to Jai Realty Ventures Ltd., Rs, nil
(Previous Year Rs, 14.68 Lacs) to Assurene Products Corporation, Rs, 15.50 Lacs (Previous Year Rs, Nil) to Ashoka Realty and
Developers Limited, Rs, 0.10 Lacs (Previous Year Rs, Nil) to Hari Darshan Realty Limited, Rs, 75.35 Lacs (Previous Year Rs, Nil)
to Hill Rock Construction Limited, Rs, 0.30 Lacs (Previous Year Rs, Nil) to Hind Agri Properties Limited, Rs, 51.15 Lacs
(Previous Year Rs, Nil) to Iconic Realtors Limited, Rs, 2.18 Lacs (Previous Year Rs, Nil) to Krupa Land Limited, Rs, 0.20 Lacs
(Previous Year Rs, Nil) to Multifaced Impex Limited, Rs, 96.90 Lacs (Previous Year Rs, Nil) to Swar Land Developers Limited, Rs,
115.00 Lacs (Previous Year Rs, Nil) to Swastik Land Developers Limited, Rs, 0.50 Lacs (Previous Year Rs, Nil) to Vasant Bahar
Realty Limited, Rs, 0.26 Lacs (Previous Year Rs, Nil) to Well-done Real Esate Limited and Rs, 0.01 Lacs (Previous Year Nil) to
Jai Corp Welfare Foundation.

x) Application Money given for shares and ZOFCD include Rs, 602.00 Lacs (Previous Year Rs,Nil) to Ashoka Realty and Developers
Limited, Rs, 1,675.00 Lacs (Previous Year Rs, Nil) to Ekdant Realty and Developers Limited, Rs, 786.22 Lacs (Previous Year Rs,
Nil) to Hari Darshan Realty Limited, Rs, 188.25 Lacs (Previous Year Rs, Nil) to Hill Rock Construction Limited, Rs, 944.00 Lacs
(Previous Year Rs, Nil) to Hind Agri Properties Limited, Rs, 11,915.50 Lacs (Previous Year Rs, Nil) to Iconic Relators Limited,
Rs, 1,942.00 Lacs (Previous Year Rs, Nil) to Jailaxmi Realty and Developers Limtied, Rs, 1,984.08 Lacs (previous Year Rs, Nil) to
Krupa Land Limited, Rs, 826.00 Lacs (previous Year Rs, Nil) to Krupa Realtors Limited, Rs, 100.00 Lacs (previous Year Rs, Nil) to
Multifaced Impex Limited, Rs, 979.00 Lacs (Previous Year Rs, Nil) to Novelty Realty and Developers Limited, Rs, 1,233.00 Lacs
(Previous Year Rs, Nil) to Rainbow Infraprojects Limited, Rs, 1,174.00 Lacs (Previous Year Rs, Nil) to Rudradev Developers
Limited, Rs, 2,700.00 Lacs (Previous Year Rs, Nil) to Swar Land Developers Limited, Rs, 877.50 Lacs (Previous Year Rs, Nil) to
Swastik Land Developers Limited, Rs, 119.34 Lacs (Previous Year Rs, Nil) to Vasant Bahar Realty Limited, Rs, 472.55 Lacs
(Previous Year Rs, Nil) to Welldone Realstate Limited, Rs, 815.75 Lacs (Previous Year Rs, Nil) to Yug Developers Limited and Rs,
12,388.00 Lacs (Previous Year Rs, Nil) to Jai Realty Ventures Limited.

xi) Balance of Application Money as on 31st March, 2016 includes Rs, 345.00 Lacs (Previous Year Rs, Nil) with Hill Rock
Construction Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) with Krupa Land Limited, Rs, 1.50 Lacs (Previous Year Rs, Nil) with
Multifaced Impex Limited and Rs, 318.50 Lacs (Previous Year Rs, Nil) with Yug Developers Limited.

xii) Security Deposits given and repaid Rs, nil (Previous Year Rs, 2.00 Lacs) to and by Jai Realty Ventures Ltd., Rs, 2.00 Lacs
(Previous Year Rs, Nil) to and by Hill Rock Construction Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by Ekdant Realty
and Developers Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by Hind Agri Properties Limited, Rs, 2.00 Lacs (Previous
Year Rs, Nil) to and by Iconic Realtors Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by Jai Laxmi Realty and Developers
Limited, Rs, 2.00 Lacs (Previous Year Rs, Nil) to and by Krupa Realtors Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by
Rudradev Developers Limited, Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by Rainbow Infraprojects Limited, Rs, 1.00 Lacs
(Previous Year Rs, Nil) to and by Multifaced Impex Limited and Rs, 1.00 Lacs (Previous Year Rs, Nil) to and by Urban
Infrastructure Trustees Limited.

xiii) Security Deposits received and repaid Rs, 1.00 Lacs (Previous Year Rs, Nil) from and to Shri Virendra Jain.

xiv) Interest receivable Rs, nil (Previous Year Rs, 49.50 Lacs) receivable from Jai Realty Ventures Ltd.

xv) Other Current Liabilities include Rs, 550.00 Lacs (Previous Year Rs, Nil) from India Net towards advance against Sale of
Indore Unit.

xvi) Loans and Advances returned/adjusted include Rs, 41,444.92 Lacs (Previous Year Rs, 352.55 Lacs) from Jai Realty Ventures
Ltd, Rs, nil (Previous Year Rs, 14.68 Lacs) from Assurene Products Corporation, Rs, 15.50 Lacs (Previous Year Rs, Nil) from
Ashoka Realty and Developers Limited, Rs, 4.00 Lacs (Previous Year Rs, Nil) from Hill Rock Construction Limited, Rs, 21.65 Lacs
(Previous Year Rs, Nil) from Iconic Realtors Limited, Rs, 1.10 Lacs (Previous Year Rs, Nil) from Krupa Land Limited, Rs, 0.20
Lacs (Previous Year Rs, Nil) from Multifaced Impex Limited, Rs, 96.90 Lacs (Previous Year Rs, Nil) from Swar Land Developers
Limited, Rs, 115.00 Lacs (Previous Year Rs, Nil) from Swastik Land Developers Limited and Rs, 0.26 Lacs (Previous Year Rs, Nil)
from Welldone Realestate Limited.

xvii) Loans and Advances as at 31st March, 2016 include Rs, nil (Previous Year Rs, 41,286.42 Lacs) in Jai Realty Ventures Ltd,
Rs, nil (Previous Year Rs, 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd, Rs, 0.10 Lacs (Previous Year Rs, Nil) in Hari
Darshan Realty Limited, Rs, 0.10 Lacs (Previous Year Rs,Nil) in Hill Rock Construction Limited, Rs, 0.30 Lacs (Previous Year Rs,
Nil) in Hind Agri Properties Limited, Rs, 0.50 Lacs (Previous Year Rs, Nil) in Vasant Bahar Realty Limited and Rs, 0.01 Lacs
(Previous Year Rs, Nil) in Jaicorp Welfare Foundation.

xviii) Revenue from Operation includes Rs, nil (Previous Year Rs, 35.28 Lacs) sold to Sarbags Pty Ltd. and Rs, 7,914.97 Lacs
(Previous Year Rs, 8,643.46 Lacs) sold to Assurene Products Corporation and Rs, nil (Previous Year Rs, 1.88 Lacs) sold to TechFab
(India) Industies Ltd.

xix) Sale of Goods includes Rs, 0.23 Lacs (Previous Year Rs, Nil) to Swar Land Developers Limited.

xx) Interest income Rs, 25.53 Lacs (Previous Year Rs, 55.00 Lacs) received from Jai Realty Ventures Ltd, Rs, 0.87 Lacs (Previous
Year Rs, Nil) received from Swar Land Developers Limited, Rs, 0.03 lacs (Previous Year Rs, Nil) received from Hill Rock
Construction Limited, Rs, 0.01 Lacs (Previous Year Rs, Nil) received from Hind Agri Properties Limited, Rs, 0.09 Lacs (Previous
Year Rs, Nil) received from Iconic Realtors Limited, Rs, 0.23 Lacs (Previous Year Rs, Nil) received from Swastik Land Developers
Limited, Rs, 0.01 Lacs (Previos Year Rs, Nil) received from Ashoka Realty and Developers Limited and Rs, 0.01 Lacs (Previous Year
Rs, Nil) received from Welldone Realestate Limited.

xxi) Dividend Income include Rs, 50.00 Lacs (Previous Year Rs, 50.00 Lacs) received from Urban Infrastructure Venture Capital
Ltd., Rs, nil (Previous Year Rs, 84.68 Lacs) received from Jai Corp Finance & Holdings Ltd. and Rs, 386.25 Lacs (Previous Year
Rs, 330.68 Lacs) received from Sarbags PTY Ltd.

xxii) Dividend paid on 1% Non-Cumulative, Non--Participating, Redeemable Preference Shares includes Rs, 0.19 Lacs (Previous Year
Rs, 0.24 Lacs) to Smt. Laxmi Jain, Rs, 0.09 Lacs (Previous Year Rs, 0.21 Lacs) to Smt. Sushma Jain and Rs, 0.19 Lacs (Previous
Year Rs, 0.24 Lacs) to Smt. Rina Jain, Rs, nil (Previous Year Rs, 0.01 Lacs) to Sh. Gaurav Jain, Rs, nil (Previous Year Rs, 0.01
Lacs) to Sh. Ankit Jain, Rs, 0.03 Lacs (Previous Year Rs, 0.04 Lacs) to Smt. Neha Bagaria, Rs, 0.04 Lacs (Previous Year Rs, Nil)
to Shri Harsh Jain, Rs, 0.02 Lacs (Previous Year Rs, Nil) to Shri Anand Jain and Rs, 0.02 Lacs (Previous Year Rs, Nil) to Shri
Satyapal Jain.

xxiii) Remuneration and perquisites include Rs, 14.00 Lacs (Previous Year Rs, 24.00 Lacs) paid to Shri Gaurav Jain and Rs, 31.62
Lacs (Previous Year Rs, 26.51 Lacs) paid to Shri V. S. Pandit.

xxiv) Directors'' sitting fees include Rs, 1.58 Lacs (Previous Year Rs, 1.13 Lacs) paid to Shri Virendra Jain and Rs, 0.75 Lacs
(Previous Year Rs, 0.58 Lacs) paid to Shri Anand Jain.

xxv) Reimbursement of Expenses includes Rs, 693.89 Lacs (Previous Year Rs, 777.32 Lacs) received from Assurene Products
Corporation.

xxvi) Commission Expenses include Rs, 11.70 Lacs (Previous Year Rs, Nil) paid to Assurene Products Coporation.

xxvii) Other Expenses include Rs, 78.95 Lacs (Previous Year Rs, 49.45 Lacs) paid to Malhar Developers Pvt Ltd.

notes :22

(i) The above loans and advances includes Rs, nil (Previous Year Rs, 40,073.12 Lacs) are free of interest, which is repayable on
demand.

(ii) As per the Company policy, loans to employee are not considered in (a) above.

(b) None of the loanees have made, per se, investment in the shares of the Company.

note 23

As per Accounting Standard - 17 on "Segment reporting" - Segment Information has been provided under the notes on Consolidated
Financial Statements.

note 24

Previous year''s fgures have been regrouped / reclassifed wherever necessary to correspond with the current year''s classifcation /
disclosure.

Mar 31, 2015

1.1 The insurance claim in respect of the major fire on 11th October, 2012 at one of the Company's HDPE/PP Woven Sacks Units located at Daman has been received. Accordingly, the above loss in respect of inventory and building has now been charged to statement of profit and loss and has been disclosed under the head "Exceptional item".

Note 2 - Contingent Liabilities and Commitments (To the extent not provided for)

(Rs. In Lacs)

For the Year For the Year Particulars Ended Ended 31st March, 2015 31st March, 2014

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)

- Income-tax (Rs. 200.00 Lacs paid under protest) 1,689.90 2,530.32

- Excise Duty / Service Tax (Rs. 18.14 Lacs paid under protest) 58.73 178.96

- Railway Claims 95.83 95.83

- MIDC Service Charges 7.34 7.34

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.85

1,878.65 2,839.30

(b) Guarantees

(i) Bank Guarantees 27.52 26.47

(Bank guarantees are provided under contractual/legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of contracts remaining to be executed on 1,480.23 540.32 Capital Account and not provided for / Net of advance paid (Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid-up Shares/Debentures 89.25 89.25

(c) The Company is committed to financially supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

3.1 Management is of the view that above litigations will not material impact financial position of the Company.

Note 4 - Employee benefits

As per Accounting Standard-15 'Employee Benefits', the disclosure of Employee benefits as defend in the Accounting Standard are given below:

Note 5 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defend in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Assurene Products Corporation

Belle Terre Realty Limited

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance & Holding Limited upto 15/04/2014

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rudradev Developers Limited

Sarbags Pty Limited

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri Anand Jain

(b) Shri Virendra Jain

(c) Shri Gaurav Jain

(d) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain and Shri Virendra Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

(d) Malhar Developers Pvt Limited

Note 6.1

Significant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2015 includes Rs. 23.59 Lacs (Previous Year Rs. 23.84 Lacs) of Smt. Laxmi Jain, Rs. 19.58 Lacs (Previous Year Rs. 22.58 Lacs) of Smt.Sushma Jain, Rs. 23.58 Lacs (Previous Year Rs. 23.83 Lacs) of Smt.Rina Jain., Rs. Nil (Previous year Rs. 2.75 Lacs) of Shri Gaurav Jain, Rs. 4.00 Lacs (Previous year Rs. 4.00 Lacs) of Smt. Neha Bagaria and Rs. Nil (Previous year Rs. 2.75 Lacs) of Shri Ankit Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 3,871.88 Lacs (Previous Year Rs. 1,700.00 Lacs) to Shri. Gaurav Jain, Rs. 4,230.74 Lacs (Previous Year Rs. 1,700.00 Lacs) to Smt. Sushma Jain, Rs. 3,871.88 Lacs (Previous Year Rs. 1,700.00) to Shri. Ankit Jain, Rs. 358.86 Lacs (Previous Year Rs. Nil) to Smt. Laxmi Jain, Rs. 358.86 Lacs (Previous Year Rs. Nil) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. Nil (Previous Year Rs. 6.02 Lacs) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. Nil (Previous Year Rs. 38.50 Lacs) to TechFab (India) Industries Ltd.

v) Investments Purchased during the year Rs. 350.55 Lacs (Previous Year Rs. Nil) of Jai Realty Ventures Ltd. and Rs. 3.03 Lacs (Previous Year Rs. Nil) of Assurance Products Corporation.

vi) Refund of Investment on Liquidation of the Company amount of Rs. 215.00 Lacs (Previous Year Rs. Nil) in Jai Corp Finance & Holdings Ltd.

vii) Investments as at 31st March 2015, include Rs. 12,079.31 Lacs (Previous Year Rs.12,079.31 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

viii) Trade Receivables as at 31st March, 2015 include Rs. Nil (Previous Year Rs. 95.72 Lacs) due from Sarbag Pty Ltd., Rs. Nil (Previous Year Rs. 2.07 Lacs) due from TechFab (India) Industries Ltd and Rs. 2,011.62 Lacs (Previous Year Rs. Nil) due from Assurene Products Corporation.

ix) Loans and Advances given include Rs. 1,213.30 Lacs (Previous Year Rs.1,342.05 Lacs) to Jai Realty Ventures Ltd., Rs. Nil Lacs (Previous Year Rs. 5.06 Lacs) to Jai Corp Finance Holdings Ltd and Rs. 14.68 Lacs (Previous Year Rs. Nil) to Assurene Products Corporation.

x) Security Deposits given and repaid Rs. 2.00 Lacs (Previous Year Rs.Nil) to Jai Realty Ventures Ltd.

xi) Interest receivable Rs. 49.50 Lacs (Previous Year Rs. Nil) receivable from Jai Realty Ventures Ltd.

xii) Loans and Advances returned/adjusted include Rs. 352.55 Lacs (Previous Year Rs. 310.60 Lacs) from Jai Realty Ventures Ltd., Rs. Nil (Previous Year Rs. 7.21 Lacs) from Jai Corp Finance Holdings Ltd. And Rs. 14.68 Lacs (Previous Year Rs. Nil) from Assurene Products Corporation.

xiii) Loans and Advances as at 31st March, 2015 include Rs. 41,286.42 Lacs (Previous Year Rs. 40,423.67 Lacs) in Jai Realty Ventures Ltd, Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

xiv) Trade Payables as at 31st March, 2015 include Rs. Nil (Previous Year Rs. 21.85 Lacs) due to Urban Infrastructure Venture Capital Ltd.

xv) Revenue from Operation includes Rs. 35.28 Lacs (Previous Year Rs. 279.70 Lacs) sold to Sarbags Pty Ltd. and Rs. 1.88 Lacs (Previous Year Rs. 154.83 Lacs) sold to TechFab (India) Industries Ltd. And Rs. 8,608.18 Lacs (Previous Year Rs. Nil) sold to Assurene Products Corporation.

xvi) Interest income Rs. 55.00 Lacs (Previous Year Rs. Nil) received from Jai Realty Ventures Ltd.

xvii) Dividend Income include Rs. 50.00 Lacs (Previous Year Rs. 50.00 Lacs) received from Urban Infrastructure Venture Capital Ltd., Rs. 84.68 Lacs (Previous Year Rs. Nil) received from Jai Corp Finance & Holdings Ltd. and Rs. 330.68 Lacs (Previous Year Rs. Nil) received from Sarbags PTY Ltd.

xviii) Dividend paid on 1% Non-Cumulative, Non-Participating, Redeemable Preference Shares includes Rs. 0.24 Lacs (Previous Year Rs. 0.23 Lacs) to Smt. Laxmi Jain, Rs. 0.21 Lacs (Previous Year Rs. 0.22 Lacs) to Smt. Sushma Jain and Rs. 0.24 Lacs (Previous Year Rs. 0.23 Lacs) to Smt. Rina Jain, Rs. 0.01 Lacs (Previous Year Rs. 0.03 Lacs) to Sh. Gaurav Jain, Rs. 0.01 Lacs (Previous Year Rs. 0.03 Lacs) to Sh. Ankit Jain, Rs. 0.04 Lacs (Previous Year Rs. 0.04 Lacs) to Smt. Neha Bagaria

xix) Remuneration and perquisites include Rs. 24.00 Lacs (Previous Year Rs. 26.22 Lacs) paid to Shri Gaurav Jain and Rs. 26.51 Lacs (Previous Year Rs. 31.20 Lacs) paid to Shri V. S. Pandit.

xx) Directors' sitting fees include Rs. 1.13 Lacs (Previous Year Rs. 0.60 Lacs) paid to Shri Virendra Jain, Rs. Nil (Previous Year Rs. 0.05 Lacs) paid to Shri J.K. Jain and Rs. 0.58 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xxi) Investment Management Fees include Rs. Nil (Previous Year Rs. 24.28 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxii) Reimbursement of Expenses includes Rs. 777.32 Lacs (Previous Year Rs. Nil) received from Assurance Products Corporation.

xxiii) Other Expenses include Rs. Nil (Previous Year Rs. 0.01 Lacs ) paid to Resin Distributors Ltd., and Rs. 49.45 Lacs (Previous Year Rs. Nil) paid to Malhar Developers Pvt Ltd.

Note 7

As per Accounting Standard - 17 on "Segment reporting" - Segment Information has been provided under the notes on Consolidated Financial Statements.

Note 8

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Mar 31, 2014

Note 1

There was major fre on 11th October 2012, at one of the Company''s HDPE/PP Woven Sacks Unit located at Daman which resulted in major loss of building, plant & machinery and other assets. The Company has replacement insurance policy and accordingly the cost incurred towards reconditioning of assets have been accounted as insurance claim receivables and disclosed under short-term loans and advances. The loss of Profit of the Company is also adequately insured and the claim will be accounted for on receipt basis. The claims are under process.The Insurance Company has released an adhoc payment of Rs. 2,000 Lacs against the above claims.

Note 2 - Contingent Liabilities and Commitments (To the extent not provided for)

Particulars 2013-14 2012-13

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)

- Income-tax (Rs. 215.20 Lacs paid under protest) 2,530.32 1,628.54

- Excise Duty / Service Tax (Rs. 24.04 Lacs paid under protest) 178.96 221.02

- Railway Claims 95.83 95.83

- MIDC Service Charges 7.34 7.34

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.85

2,839.30 1,979.58 (b) Guarantees

(i) Bank Guarantees 26.47 18.20

(Bank guarantees are provided under contractual/ legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of contracts remaining to be 540.32 699.81 executed on Capital Account and not provided for / Net of advance paid

(Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid-up Shares/ 89.25 89.25 Debentures

(c) The Company is committed to financially - - supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

Note 3 - Employee benefits

As per Accounting Standard-15 ''Employee benefits'', the disclosure of Employee benefits as Defined in the Accounting Standard are given below:

(a) Defined benefit Plan :

The Employees'' Gratuity Fund is managed by the Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimate of rate of escalation in salary considered in actuarial valuation, takes into account infation, seniority, promotion and other retirement factors including supply & demand in the employment market. The above information is certified by the actuary.

(b) Defined Contribution Plan:

Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Note 4 - Financial and Derivative Instruments:

a) The Company has not entered into any derivative contract during the year and hence outstanding derivative contract is Nil

Note 5 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as Defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Belle Terre Realty Limited Ekdant Realty & Developers Limited Hari Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance & Holding Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty & Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rudradev Developers Limited Sarbags Pty Limited Swar Land Developers Limited Swastik Land Developers Limited UI Wealth Advisors Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited (iii) Key Managerial Personnel :

(a) Shri J. K. Jain upto 08th May, 2013

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant infuence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

significant transactions with related parties:- i) Preference Share Capital as at 31st March, 2014 includes Rs. 23.84 Lacs ( Previous Year Rs. 27.84 Lacs ) of Smt. Laxmi Jain, Rs. 22.58 Lacs ( Previous Year Rs. 27.83 Lacs ) of Smt.Sushma Jain, Rs. 23.83 Lacs ( Previous Year Rs. 27.83 Lacs ) of Smt.Rina Jain., Shri Gaurav Jain Rs. 2.75 Lacs (Previous year Rs. NIL)., Smt. Neha Bagaria Rs. 4.00 Lacs (Previous year Rs. NIL)., Ankit Jain Rs. 2.75 Lacs (Previous year Rs. Nil)

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 1,700.00 Lacs (Previous Year Rs. Nil) to Shri. Gaurav Jain, Rs. 1,700.00 Lacs (Previous Year Rs. 7,065.92 Lacs) to Smt. Sushma Jain, Rs. 1,700.00 Lacs (Previous Year Rs. Nil) to Shri. Ankit Jain, Rs. Nil (Previous Year Rs. 20,664.34 lacs) to Smt. Laxmi Jain, Rs. Nil (Previous Year Rs. 20,664.34) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. 6.02 Lacs ( Previous Year Rs. 32.89 Lacs ) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. 38.50 Lacs (Previous Year Rs. Nil) to TechFab (India) Industries Ltd.

v) Investments as at 31st March 2014, include Rs. 12,079.31 Lacs ( Previous Year Rs.12,079.31 Lacs ) in Urban Infrastructure Holdings Pvt.Ltd.

vi) Trade Receivables as at 31st March, 2014 include Rs. 95.72 Lacs ( Previous Year Rs. 84.86 Lacs ) due from Sarbag Pty Ltd., Rs. 2.07 Lacs ( Previous Year Rs. 64.78 Lacs ) due from TechFab (India) Industries Ltd.

vii) Loans and Advances given include Rs. 1,342.05 Lacs (Previous Year Rs.1,818.76 Lacs) to Jai Realty Ventures Ltd. and Rs. 5.06 Lacs (Previous Year Rs. Nil) to Jai Corp Finance Holdings Ltd.

viii) Loans and Advances returned/adjusted include Rs. 310.60 Lacs (Previous Year Rs. 327.97 Lacs) from Jai Realty Ventures Ltd., Rs. 7.21 Lacs (Previous Year Rs. Nil) from Jai Corp Finance Holdings Ltd.

ix) Loans and Advances as at 31st March, 2014 include Rs. 40,423.67 Lacs (Previous Year Rs. 39,392.22 Lacs) in Jai Realty Ventures Ltd, Rs. Nil (Previous Year Rs. 378.32 Lacs) in Resin Distributors Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

x) Trade Payables as at 31st March,2014 include Rs. 21.85 Lacs ( Previous Year Rs.114.09 Lacs ) due to Urban Infrastructure Venture Capital Ltd.

xi) Revenue from Operation includes Rs. 279.70 Lacs (Previous Year Rs. 371.55 Lacs) sold to Sarbags Pty Ltd. and Rs. 154.83 Lacs (Previous Year Rs. 1,654.45 Lacs) sold to TechFab (India) Industies Ltd.

xii) Dividend Income include Rs. 50.00 Lacs (Previous Year Rs. 40.00 Lacs ) received from Urban Infrastructure Venture Capital Ltd.

xiii) Purchase of Goods includes Rs. Nil (Previous Year Rs. 9.11 Lacs ) from TechFab (India) Industries Ltd.

xiv) Discount on Raw Material includes Rs. Nil (Previous Year Rs. 1,031.76 Lacs ) received from Resin Distributors Ltd.

xv) Dividend paid on 1% Non-Cumulative, Non--Participating, Redeemable Preference Shares includes Rs. 0.23 Lacs (Previous Year Rs. 0.28 Lacs) to Smt. Laxmi Jain, Rs. 0.22 Lacs (Previous Year Rs. 0.28 Lacs) to Smt. Sushma Jain and Rs. 0.23 Lacs (Previous Year Rs. 0.27 Lacs) to Smt. Rina Jain, Rs. 0.03 Lacs (Previous Year Rs. Nil) to Shri. Gaurav Jain, Rs. 0.03 Lacs (Previous Year Rs. Nil) to Shri. Ankit Jain, Rs. 0.04 Lacs (Previous Year Rs. Nil) to Smt. Neha Bagaria

xvi) Directors'' remuneration and perquisites include Rs. 26.22 Lacs (Previous Year Rs. 28.57 Lacs) paid to Shri Gaurav Jain and Rs. 31.20 Lacs (Previous Year Rs. 27.60 Lacs) paid to Shri V. S. Pandit.

xvii) Directors'' sitting fees include Rs. 0.60 Lacs (Previous Year Rs. 0.70 Lacs) paid to Shri Virendra Jain , Rs. 0.05 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xviii) Job Work Charges include Rs. Nil ( Previous Year Rs. 0.62 Lacs ) paid to TechFab (India) Industries Ltd.

xix) Investment Management Fees include Rs. 24.28 Lacs (Previous Year Rs. 99.51 Lacs) to Urban Infrastructure Venture Capital Ltd.

xx) Other Expenses include Rs. 0.01 Lacs (Previous Year Rs. 0.52 Lacs ) paid to Resin Distributors Ltd.

(i) The above loans and advances are free of interest and includes Rs. 423.67 Lacs (Previous Year Rs. 394.37 Lacs), which is repayable on demand. (ii) As per the Company policy, loans to employee are not considered in (a) above.

(b) None of the loanees have made, per se, investment in the shares of the Company.

Note 5

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statements, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the Notes on Consolidated Financial Statements.

Note 6

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Mar 31, 2013

Note 1

There was major fre on 11th October, 2012, at one of the Company''s HDPE / PP Woven Sacks Unit located at Daman which resulted in major loss of building, plant & machinery and other assets. The Company has replacement insurance policy and accordingly the cost incurred towards reconditioning of assets have been accounted as insurance claim receivables and disclosed under short-term loans and advances. The loss of proft of the Company is also adequately insured and the claim will be accounted for on receipt basis. The claims are under process.

Note 2 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defned in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited Belle Terre Realty Limited Ekdant Realty & Developers Limited Hari Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance & Holding Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty & Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rudradev Developers Limited Sarbags Pty Limited Swar Land Developers Limited Swastik Land Developers Limited UI Wealth Advisors Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise signifcant infuence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

Note 3.1

Signifcant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2013 includes Rs. 27.84 Lacs (Previous Year Rs. 33.34 Lacs) of Smt.Laxmi Jain, Rs. 27.83 Lacs (Previous Year Rs. 33.33 Lacs) of Smt.Sushma Jain, Rs. 27.83 Lacs (Previous Year Rs. 33.33 Lacs) of Smt.Rina Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 7,065.92 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Laxmi Jain, Rs. 7,065.92 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Sushma Jain, Rs. 7,065.91 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. 32.89 Lacs (Previous YearRs. Nil) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. Nil (Previous YearRs. 13.78 Lacs) to TechFab (India) Industries Ltd.

v) Investments sold during the year include Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Communication Infrastructure Pvt.Ltd., Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Energy Distribution Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Energy Generation Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Energy Transmission Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Infotech Solution Pvt.Ltd., Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Infrastructure Construction Pvt.Ltd. and Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Water Supply Pvt.Ltd.

vi) Refund of Investment on cessation of the Companies includes Rs. Nil (Previous Year Rs. 0.68 Lacs) in Jai Infraprojects Ltd.

vii) Investments as at 31st March, 2013, include Rs. 12,079.31 Lacs (Previous Year Rs.12,079.31 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

viii) Trade Receivables as at 31st March, 2013 include Rs. 84.86 Lacs (Previous Year Rs. 24.49 Lacs) due from Sarbag Pty Ltd., Rs. 64.78 Lacs (Previous Year Rs. 526.21 Lacs) due from TechFab (India) Industries Ltd.

ix) Loans & Advances given include Rs. 1,818.76 Lacs (Previous Year Rs. 1,408.01 Lacs) to Jai Realty Ventures Ltd.

x) Loans and Advances returned / adjusted include Rs. 327.97 Lacs (Previous Year Rs. 595.32 Lacs) from Jai Realty Ventures Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Water Supply Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Infrastructure Construction Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Energy Distribution Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Energy Generation Pvt.Ltd.

xi) Loans and Advances as at 31st March, 2013 include Rs. 39,392.22 Lacs (Previous Year Rs. 37,901.43 Lacs) in Jai Realty Ventures Ltd, Rs. 378.32 Lacs (Previous Year Rs. 264.69 Lacs) in Resin Distributors Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

xii) Trade Payables as at 31st March,2013 include Rs. Nil Lacs (Previous Year Rs. 2.62 Lacs) due to TechFab (India) Industries Ltd., Rs. 114.09 Lacs (Previous Year Rs. Nil) due to Urban Infrastructure Venture Capital Ltd.

xiii) Other Current Liabilities as at 31st March, 2013 include Rs. Nil (Previous Year Rs. 51.46 Lacs) due to Urban Infrastructure Venture Capital Ltd.

xiv) Revenue from Operation includes Rs. 371.55 Lacs (Previous Year Rs. 195.85 Lacs) sold to Sarbags Pty Ltd. and Rs. 1,654.45 Lacs (Previous Year Rs. 1,803.52 Lacs) sold to TechFab (India) Industies Ltd.

xv) Dividend Income include Rs. 40.00 Lacs (Previous Year Rs. 30.00 Lacs) received from Urban Infrastructure Venture Capital Ltd.

xvi) Purchase of Goods includes Rs. 9.11 Lacs (Previous Year Rs. 3.97 Lacs) from TechFab (India) Industries Ltd.

xvii) Discount on Raw Material includes Rs. 1031.76 Lacs (Previous Year Rs. 1,022.93 Lacs) received from Resin Distributors Ltd.

xviii) Dividend paid on 1% Non-Cumulative, Non--Participating, Redeemable Preference Shares includes Rs. 0.28 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Laxmi Jain, Rs. 0.28 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain and Rs. 0.27 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Rina Jain.

xix) Directors'' remuneration and perquisites include Rs. 28.57 Lacs (Previous Year Rs. 26.60 Lacs) paid to Shri Gaurav Jain and Rs. 27.60 Lacs (Previous Year Rs. 24.00 Lacs) paid to Shri V. S. Pandit.

xx) Directors'' sitting fees include Rs. 0.70 Lacs (Previous Year Rs. 0.70 Lacs) paid to Shri Virendra Jain, Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xxi) Job Work Charges include Rs. 0.62 Lacs (Previous Year Rs. 1.75 Lacs) paid to TechFab (India) Industries Ltd.

xxii) Investment Management Fees include Rs. 99.51 Lacs (Previous Year Rs. 113.82 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxiii) Sundry Balances Written Off include Rs. Nil (Previous Year Rs. 0.03 Lacs) of Jai Infraprojects Ltd., and Rs. Nil (Previous Year Rs. 7.68 Lacs) of Resin Distributors Ltd.

xxiv) Other Expenses include Rs. Nil (Previous Year Rs. 0.02 Lacs) paid to Poly Resin Agencies (I) Ltd. and Rs. 0.52 Lacs (Previous Year Rs. 0.12 Lacs) paid to Resin Distributors Ltd., Rs. Nil Lacs (Previous Year Rs. 0.18 Lacs) paid to TechFab (India) Industries Ltd.

Note 4

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statements, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the Notes on Consolidated Financial Statements.

Note 5

Previous year''s fgures have been regrouped / reclassifed wherever necessary to correspond with the current year''s classifcation / disclosure.

Mar 31, 2012

1.1 (i) The terms / rights attached to the Equity Shares:-

The holder of equity shares of Rs. 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all Preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

(ii) The terms / rights attached to the preference Shares:-

1% Non - cumulative, Non - Participating Redeemable Preference Shares of Rs. 1 each fully paid-up were allotted on 27th November, 2007. On 26th November, 2011, 5,000,100 preference shares were redeemed at a premium of 6% p.a. from the date of allotment on issue price of Rs. 1,000/- per share and balance 9,999,900 preference shares have been rolled over for a further period of two years with effect from 26th November, 2011 with an option to the Company / the Preference Shareholder(s) to redeem the same earlier . The preference shares are redeemable at a premium of 6 % p.a. from the date of allotment on issue price of Rs. 1,000/- per share. The Preference Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no further or other right to participate either in the profits or assets of the Company.

1.2 Redemption premium on Preference Shares as mentioned above will be paid out of the Securities Premium Account and hence no provision has been considered necessary.

1.3 Subscribed and Paid-up Equity Shares includes 86,269,400 (Previous Year 86,269,400) equity shares alloted as fully paid-up bonus shares in the last five years.

2.1 Out of the term-loans referred to above (including current maturities of long-term borrowings in note 9):-

a) Loans aggregating Rs. 256.00 Lacs (Previous Year Rs. 682.00 Lacs) are secured by way of first pari passu charge on certain immovable assets of the Company and carry interest at BPLR rate less 3.50% per annum.

b) Loans aggregating Rs. 270.00 Lacs (Previous Year Rs. 495.00 Lacs) are secured by way of first pari passu charge on the entire movable fixed assets of the Company and carry interest at BPLR rate less 3.75% per annum.

c) They are further secured by a personal guarantee of one of the directors and one erstwhile director of the Company.

2.2 A term-loan from a bank of Rs. 526.00 Lacs (including current maturities of long-term borrowings in note 9) is outstanding as at 31st March, 2012. Out of the above loan, Rs. 436.00 Lacs is repayable in four equal quarterly installment of Rs. 109.00 Lacs each duing the year 2012 -13 and Rs. 90.00 Lacs is repayable in two equal quarterly installments of Rs. 45.00 Lacs each in June 2013 and September 2013.

2.3 An interest-free sales tax loan of Rs. 918.08 Lacs (including current maturities of long-term borrowings in note 9) is outstanding as at 31st March, 2012. Out of the above, Rs. 27.60 Lacs is repayable in equal yearly installment of Rs. 13.80 Lacs starting from May, 2012 and ending on May, 2013, Rs. 558.60 Lacs is repayable in equal yearly installment of Rs. 111.72 Lacs starting from December, 2014 and ending on December, 2018 and Rs. 331.85 Lacs is repayable in equal yearly installment of Rs. 66.37 Lacs starting from March, 2020 and ending on March, 2024.

$ The Company had recognised liability based on substantial degree of estimation for excise duty payable on the clearance of goods lying in stock as on 31st March, 2011 of Rs. 100.15 Lacs as per the estimated pattern of dispatches. During the year, Rs. 100.15 Lacs was utilised for clearance of goods. Liability recognised under this class for the year is Rs. 110.66 Lacs, which is outstanding as on 31st March, 2012. Actual outflow is expected in the next financial year.

3.1 Owned land includes Rs. Nil (Previous YearRs. 131.25 Lacs) in respect of which conveyance deed is yet to be registered in the name of the Company.

3.2 Building includes Rs.0.01 Lacs (Previous Year Rs. 0.01 Lacs) being the cost of shares in Co-operative Housing Society towards ownership of residential flats.

3.3 Capital Work-in-Progress includes Rs. 0.07 Lacs (Previous YearRs. 5.23 Lacs) on account of cost of construction material at site.

3.4 Gross Block of Plant and Equipments includes Rs. 64.68 Lacs (Previous YearRs. 64.68 Lacs) and Rs. 33.56 Lacs (Previous YearRs. 33.56 Lacs) being the amount spent for laying Power Line and Water Pipe Line respectively, the ownership of which vests with the respective Government Authorities.

3.5 In accordance with the Accounting Standard (AS) 28 on "Impairment of Assets" as notified by Companies (Accounting Standards) Rules, 2006 the management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. On the basis of this review carried by the management there was no impairment loss on Fixed Assets during the year ended 31st March, 2012.

4.1 Name of Jai Infraprojects Ltd., a wholly owned subsidiary of the Company has been struck off from the Registrar of Companies w.e.f. 15th July, 2011 pursuant to General Circular No. 6/2010 dated 03.12.2010 issued by the Government of India, Ministry of Corporate Affairs under "Easy Exit Scheme, 2011" under Section 560 of the Companies Act, 1956. Investments written off includes equity shares of Jai Infraprojects Ltd Rs. NIL (Previous Year Rs. 4.32 Lacs)

4.2 Original Share / Debenture Certificates have been misplaced and steps are being taken to obtain duplicate certificates.

4.3 In opinion of the management, diminution in the value of long term investment, except as provided, is temporary in nature, hence no provision has been considered necessary.

4.4 Represents face value in Australian Dollar.

4.5 The details of the provision for diminution in the value of non-current investments is as under

Note 5 - Contingent Liabilities and Commitments (To the extent not provided for)

(Rs. in Lacs)

Particulars 2011-12 2010-11

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No Cash outflow is expected in the near future)

- Income Tax (Rs. 100.00 Lacs paid under protest) 210.81 477.92

- Excise Duty / Service Tax (Rs. 2.46 Lacs paid under protest) 135.28 135.44

- Railway Claims 95.83 95.83

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.84

468.77 736.03

(b) Guarantees

(i) Bank Guarantees 15.50 837.12

(Bank guarantees are provided under contractual/ legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for (Net of advance paid.) 1,808.64 618.83 (Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid up Share / Debenture 89.25 89.25

(c) The Company is committed to financially supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

Note 6 Employee benefits :-

As per Accounting Standard 15 the disclosure of employees' benefits are given below:

(i) Gratuity - Defined Benefit Plan :-

The Company provides for Gratuity, covering eligible employees, in accordance with the Payment of Gratuity Act, 1972. In accordance with AS-15, "Employee Benefits", the company has provided the liability on actuarial basis. As per the actuarial certificate the details of unfunded post employment defined benefit plan in respect of Gratuity are as follows:

Note 7 Related party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Awas Realtors Limited ( till 14th July, 2011 )

Belle Terre Realty Limited

Dev Realty and Developers Limited ( till 20th June, 2011 )

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance and Holding Limited

Jai Infraprojects Limited ( till 15th July, 2011 )

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rejoice Land Developers Limited (till 6th August, 2011)

Rudradev Developers Limited

Sarbags Pty Limited

Samrat Realty and Developers Limited (till 15th July, 2011)

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Gas Distribution Limited (till 15th July, 2011)

Urban Gas Limited (till 15th July, 2011)

Urban Gas Suppliers Limited (till 15th July, 2011)

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates :- Searock Developers FZC

Urban Communication Infrastructure Pvt.Ltd. (till 30th September, 2011)

Urban Energy Distribution Pvt.Ltd. (till 30th September, 2011)

Urban Energy Generation Pvt.Ltd. (till 30th September, 2011)

Urban Energy Transmission Pvt.Ltd.(till 30th September, 2011)

Urban Infotech Solutions Pvt.Ltd. (till 30th September, 2011)

Urban Infrastructure Construction Pvt.Ltd. (till 30th September, 2011)

Urban Infrastructure Holdings Pvt.Ltd.

Urban Water Supply Pvt.Ltd. (till 30th September, 2011)

(iii) Key Managerial Personnel :-

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri

Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:-

(a) Poly-Resin Agencies (I) Limited

(b) Resin Distributors Limited

(c) Techfab (I) Industries Limited

Note 8.1

Significant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2012 includes Rs. 33.34 Lacs ( Previous Year Rs. 50.00 Lacs ) of Smt.Laxmi Jain, Rs. 33.33 Lacs ( Previous Year Rs.50.00 Lacs ) of Smt.Sushma Jain, Rs. 33.33 Lacs (Previous Year Rs. 50.00 Lacs ) of Smt.Rina Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Laxmi Jain, Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Sushma Jain, Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Rina Jain.

iii) Sales of Tangible Assets includes Rs. 13.78 Lacs ( Previous Year Rs. 5.69 Lacs ) to Techfab (I) Industries Ltd.

iv) Investment sold during the year includes Rs. 0.40 Lacs ( Previous Year Rs.Nil ) in Urban Communication Infrastructure Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Energy Distribution Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs.Nil ) in Urban Energy Generation Pvt.Ltd., Rs.0.40 Lacs ( Previous Year Rs.Nil ) in Urban Energy Transmission Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Infotech Solutions Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Infrastructure Construction Pvt.Ltd. and Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Water Supply Pvt.Ltd.

v) Refund of Investment on cessation of the Companies includes Rs. 0.68 Lacs ( Previous Year Rs. Nil ) in Jai Infra Project Ltd.

vi) Investment as at 31st March 2012, includes Rs. 12,079.31 Lacs ( Previous Year Rs. 12,079.31 Lacs ) in Urban Infrastructure Holdings Pvt.Ltd.

vii) Trade Receivable as at 31st March, 2012 includes Rs. 24.49 Lacs ( Previous Year Rs. 30.64 Lacs ) due from Sarbag PTY Ltd., Rs. 526.21 Lacs ( Previous Year Rs. 197.20 Lacs ) due from Tech Fab (I) Industries Ltd. and Rs. Nil ( Previous Year Rs. 39.75 Lacs ) due from Poly Resin Agencies (I) Ltd.

viii) Loans & Advances given includes Rs. 1,408.01 Lacs (Previous Year Rs. 1,148.20 Lacs) to Jai Realty Ventures Ltd. and Rs. Nil (Previous Year Rs. 8,522.71 Lacs) to Urban Infrastructure Holdings Pvt.Ltd.

ix) Loans and Advances returned/adjusted includes Rs. 595.32 Lacs (Previous Year Rs. 36.61 Lacs) from Jai Realty Ventures Ltd. and Rs. Nil (Previous Year Rs. 4.32 Lacs) from Jai Infraprojects Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Water Supply Pvt.Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Infrastructure Construction Pvt.Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Energy Distribution Pvt.Ltd., and Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Energy Generation Pvt.Ltd.

x) Loans and Advances as at 31st March, 2012 includes Rs. 37,901.43 Lacs (Previous Year Rs. 37,088.74 Lacs) in Jai Realty Ventures Ltd, Rs. Nil (Previous year Rs. 12.94 Lacs) in Jai Infraprojects Ltd. ,Rs. 264.69 Lacs (Previous Year Rs. 227.28 Lacs) in Resin Distributors Ltd.,Rs. Nil (Previous Year Rs.200 Lacs) in Urban Communication Infrastructure Pvt. Ltd, Rs. Nil (Previous Year Rs. 500.00 Lacs) in Urban Energy Distribution Pvt.Ltd.,Rs. Nil (Previous Year Rs.500.00 Lacs ) in Urban Energy Generation Pvt.Ltd.,Rs. Nil (Previous Year Rs.200 Lacs) in Urban Energy Transmission Pvt. Ltd, Rs. Nil (Previous Year Rs.200 Lacs) in Urban Infotech Solutions Pvt. Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) in Urban Infrastructure Construction Pvt.Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd., Rs. Nil (Previous Year Rs.500 Lacs) in Urban Water Suppply Pvt. Ltd. Rs. Nil (Previous Year Rs. 200 Lacs) from Urban Communication Infrastructure P Ltd.

xi) Trade Payable as at 31st March,2012 includes Rs. 2.62 Lacs (Previous Year Rs. Nil ) due to Tech Fab (I) Industries Ltd.

xii) Other Current Liabilities as at 31st March, 2012 includes Rs. 51.46 Lacs ( Previous Year Rs.19.42 Lacs ) due to Urban Infrastructure Venture Capital Ltd. and Rs. Nil ( Previous Year Rs.0.03 Lacs ) due to Poly Resin Agencies (I) Ltd.

xiii) Revenue from Operation includes Rs. 195.85 Lacs (Previous Year Rs. 274.95 Lacs) sold to Sarbags Pty Ltd. and Rs. 1,803.52 Lacs (Previous Year Rs. 1,090.96 Lacs) sold to Techfab (I) Industies Ltd.

xiv) Dividend Income include Rs. 30.00 Lacs (Previous Year Rs. 25.00 Lacs ) received from Urban Infrastructure Venture Capital Ltd.

xv) Purchase of Goods includes Rs. 3.97 Lacs (Previous Year Rs. 0.98 Lacs ) from Techfab (I) Industries Ltd.

xvi) Discount on Raw Material includes Rs. 1,022.93 Lacs (Previous Year Rs. 834.37 Lacs ) received from Resin Distributors Ltd.

xvii) Dividend paid on 1% Optionally Convertible Non-Cumulative, Redeemable Preference Shares includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Laxmi Jain, Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain and Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Rina Jain.

xviii) Directors Rs. remuneration and perquisites includes Rs. 26.60 Lacs (Previous Year Rs.27.38 Lacs) paid to Shri. Gaurav Jain and Rs. 24.00 Lacs (Previous Year Rs. 19.22 Lacs) paid to Shri.V. S. Pandit.

xix) Directors' sitting fees includes Rs. 0.70 Lacs (Previous Year Rs. 0.55 Lacs) paid to Shri Virendra Jain, Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xx) Job Work Charges includes Rs. 1.75 Lacs ( Previous Year Rs. Nil ) paid to Techfab (I) Industries Ltd.

xxi) Investment Management Fees includes Rs. 113.82 Lacs (Previous Year Rs. 82.64 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxii) Investment written off includes Rs. Nil (Previous Year Rs. 4.32 Lacs) of Jai Infraprojects Ltd.

xxiii) Sundry Balances Written Off includes Rs. 0.03 Lacs ( Previous Year Rs. Nil ) of Jai Infraprojects Ltd., and Rs. Nil (Previous Year Rs. 6.21 Lacs) of Jai Realty Ventures Ltd., Rs. 7.68 Lacs ( Previous Year Rs. Nil ) of Resin Distributors Ltd.

xxiv) Other Expenses includes Rs. 0.02 Lacs (Previous Year Rs. 2.18 Lacs) paid to Poly-Resin Agencies (I) Ltd. and Rs. 0.12 Lacs (Previous Year Rs. Nil ) paid to Resin Distributors Ltd., Rs. 0.18 Lacs (Previous Year Rs. Nil ) paid to Techfab (I) Industries Ltd.

Notes:-

(i) The above loans and advances are free of interest.

(ii) As per the Company policy loan to employee are not considered in (a) above.

(iii) The above loans includes Rs. 401.43 Lacs (Previous Year Rs. NIL), which is repayable on demand.

(b) None of the loanees have made, perse, investment in the shares of the Company.

Note 9

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly, Segment Information as required under Accounting Standard (AS) 17 on "Segment Reporting" is included under the notes to Consolidated Financial Statements.

Note 10

The revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosures and presentations made in the financial statements. Previous Year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Mar 31, 2011

1 In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2 Subsequent to 31st March, 2011, Jai Infraprojects Limited, a wholly-owned subsidiary of the Company, has applied to the Registrar of the Companies Maharashtra, Mumbai for striking off its name from the Register of Companies pursuant to General Circular no.6/2010 dated 03.12.2010 issued by the Government of India, Ministry of Corporate Affairs under" Easy Exit Scheme,2011" under Section 560 of the Companies Act,1956. Accordingly Jai Infraprojects Limited has accounted all its assets and liabilities at fair value in its books of the account. In view of the above the Company has written off its investment in the above mentioned subsidiary to the extent of accumulated losses in excess of subsidiary's net worth as on 31st March, 2011.

3 Employee benefits :-As per Accounting Standard 15 "Employee benefits" the disclosure as defined in the Accounting Standard are given below:

(i) Gratuity - Defined Benefit Plan (Unfunded) :-

The Company provides for Gratuity, covering eligible employees, in accordance with the Payment of Gratuity Act, 1972. In accordance with revised AS-15, "Employee Benefits", the company has provided the liability on actuarial basis. As per the actuarial certificate the details of unfunded post employment defined benefit plan in respect of Gratuity are as follows:

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority promotion and other relevant factors, such as demand and supply in employment market.

4 a) The Company has been advised that the computation of Net Profits for the purpose of Directors' remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the Directors as per Schedule XIII to the Companies Act, 1956.

5 Disclosure of Financial and Derivative Instruments

a) The Company has not entered into any derivative contract during the year and hence outstanding derivative contract is Nil

6 As per Accounting Standard-21 on "Consolidated Financial Statement" and Accounting Standard - 23 on "Accounting for Investment in associates in Consolidated Financial Statement", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly Segment Information as required underAccounting Standard-17 on "Segment reporting" is included under the notes to Consolidated Financial Statements.

7 As per Accounting Standard 18, "Related party Disclosures" disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Awas Realtors Limited Belle Terre Realty Limited Dev Realty and Developers Limited Ekdant Realty and Developers Limited Hah Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance and Holding Limited Jai Infraprojects Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty and Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rejoice Land Developers Limited Rudradev Developers Limited Sarbags Pty Limited Samart Realty and Developers Limited Swar Land Developers Limited Swastik Land Developers Limited Ul Wealth Advisors Limited Urban Gas Distribution Limited Urban Gas Limited Urban Gas Suppliers Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Devlopers FZC Urban Communication Infrastructure Private Limited Urban Energy Distribution Private Limited Urban Energy Generation Private Limited Urban Energy Transmission Private Limited Urban Infotech Solution Private Limited Urban Infrastructure Construction Private Limited Urban Infrastructure Holding Private Limited Urban Water Supply Private Limited

(iii) Key Managerial Personnel :-

(a) ShriJ. K.Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri V. S. Pandit

(e) Shri Gaurav Jain

(iv) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and

Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:-

(a) Clean Pet

(b) Daman Plastic

(c) Poly-Resin Agencies (I) Limited

(d) Polysil Pipes

(e) Resin Distributors Limited

(f) Techfab (I) Industries Limited

Significant transactions with related parties:-

i) Sales of Fixed Assets includes Rs. 5.69 Lacs (Previous Year Rs. NIL) to Techfab (I) Industries Limited and Rs, NIL (Previous Year Rs. 45.00 Lacs) to Swastik Land Developers Limited.

ii) Investment made during the year Rs. Nil (Previous Year Rs. 50.00 Lacs ) in Jai Realty Venture Ltd.

iii) Investment as at 31st March 2011, Includes Rs. 12,079.31 Lacs (Previous Year Rs. 12,079.31 Lacs) in Urban Infrastructure Holding Pvt. Limited

iv) Sundry debtors as on 31st March, 2011 includesRs. 30.64 Lacs (Previous YearRs. 1.81 Lacs) due from Sarbag PTY Limited and Rs. 236.95 Lacs (Previous Year Rs. 26.20 Lacs) due from Tech Fab (I) Industries Limited.

v) Loans & advances given Includes Rs. 1,148.20 Lacs (Previous YearRs. 2,048.91 Lacs) to Jai Realty Ventures Limited.

vi) Loans and Advances returned/adjusted Includes Rs. 36.61 Lacs (Previous Year Rs. 4,750.30 Lacs) from Jai Realty Ventures Limited and Rs. 4.32 Lacs (Previous Year Rs. Nil) from Jai Infra Project Ltd.

vii) Loans and advances as at 31st March 2011, Includes Rs. 37,088.74 Lacs (Previous YearRs. 35,977.15 Lacs) in Jai Realty Ventures Limited.

viii) Loans and advances includes Share Application Money of Rs. 8,522.71 Lacs (Previous Year Rs. Nil Lacs) in Urban Infrastructure Holding Pvt. Limited.

ix) Sundry creditors as on 31st March,2011 includesRs. 19.42 Lacs (Previous YearRs. 15.35 Lacs) due to Urban Infrastructure Venture Capital Limited.

x) Current Liabilities Includes Rs.0.03 Lacs (Previous YearRs. Nil) due to Poly Resin Agencies (I) Limited.

xi) Sales includes Rs. 274.95 Lacs (Previous YearRs.197.20 Lacs) sold to Sarbags Pty Limited and Rs. 1090.96 Lacs (Previous Year Rs. 245.35 Lacs) sold to Techfab (I) Industies Limited.

xii) Miscellaneous Income IncludesRs. Nil (Previous YearRs. 0.11 Lacs) from Techfab (I) Industries Ltd.

xiii) Purchased Includes Rs 0.98 Lacs (Previous Year Rs. Nil) from Techfab (I) Industries Ltd. and Rs. Nil (Previous Year Rs. 0.39 Lacs) from Polysil Pipes.

xiv) Discount on Raw material includes Rs. 834.37 Lacs (Previous Year Rs. 1,153.22 Lacs ) received from Resin Distributors Limited.

xv) Dividend on Preference Shares paid Includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Sushma Jain, Rs.0.55 Lacs (Previous YearRs.0.55 Lacs)to Rina Jain andRs.0.45 Lacs (Previous YearRs.0.45 Lacs)to Laxmi Jain.

xvi) Director remuneration and perquisits Includes Rs. 27.38 Lacs (Previous Year Rs. 26.35 Lacs) paid to Gaurav Jain and Rs. 19.22 Lacs (Previous Year Rs. 21.00 Lacs) paid to V. S. Pandit.

xvii) Director sitting fees includes Rs. 0.55 Lacs (Previous Year Rs. 0.70 Lacs) paid to Virendra Jain , Rs. 0.20 Lacs (Previous Year Rs. 0.25 Lacs) paid to J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.25 Lacs) paid to Anand Jain.

xviii) Reimbursment of expenses Includes Rs. Nil (Previous Year Rs. 0.04 Lacs) Paid to Techfab (I) Industries Ltd.

xix) Sundry Balance W/off Includes Rs. 4.32 Lacs (Previous Year Nil) of Jai Infraproject Ltd., and Rs. 6.21 Lacs (Previous Year Rs. Nil) of Jai Realty Ventures Ltd.

xx) Investment Management Fees IncludesRs.82.64 Lacs (Previous YearRs. 69.18 Lacs) paid to Urban Infrastructure Venture Capital Limited.

xxi) Other Expenses Includes Rs. 2.18 Lacs (Previous Year Rs. 2.77 Lacs) paid to Poly Resin Agencies (I) Limited and Rs. Nil (Previous Year Rs. 0.08 Lacs) paid to Resin Distributor Limited.

xxii) Dividend income include Rs. 25.00 Lacs (Previous YearRs. Nil) received from Urban Infrastructure Venture Capital Limited.

8 The Previous year's figures have been regrouped, rearranged, restated and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an internal part of the current year financial statements and are to be read in relation to the amount and other disclosures relating to the current year.

Mar 31, 2010

1 In opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2. a) The Company has been advised that the computation of Net Profits for the purpose of Directors remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the Directors as per Schedule XIII to the Companies Act, 1956.

3 As per Accounting Standard-21 on "Consolidated Financial Statement" and Accounting Standard - 23 on "Accounting for Investment in associates in Consolidated Financial Statement", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the notes to Consolidated Financial Statements.

4 As per Accounting Standard 18, "Related party Disclosures" disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary : Ashoka Realty and Developers Limited

Awas Realtors Limited Belle Terre Realty Limited Dev Realty and Developers Limited

Ekdant Realty and Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance and Holding Limited

Jai Infraprojects Limited

Jai Laxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rejoice Land Developers Limited

Rudradev Developers Limited

Sarbags Pty Limited

Samart Realty and Developers Limited

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Gas Distribution Limited

Urban Gas Limited

Urban Gas Suppliers Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates :-

Searock Developers FZC

Urban Communication Infrastructure Private Limited

Urban Energy Distribution Private Limited

Urban Energy Generation Private Limited

Urban Energy Transmission Private Limited

Urban Infotech Solution Private Limited

Urban Infrastructure Construction Private Limited

Urban Infrastructure Holdings Private Limited

Urban Water Supply Private Limited

(iii) Key Managerial Personnel :-

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri V. S. Pandit

(e) Shri Gaurav Jain

(f) Shri S.P. Jain (upto 04.06.2008) (iv ) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain (v ) Enterprises over which Key Managerial Personnel and their relatives are able to exercise

significant influence:-

(a) Clean Pet

(b) Daman Plastic

(c) Polyfibre Industries Pvt. Limited

(d) Polyplast Agencies (I) Pvt Limited

(e) Poly-Resin Agencies (I) Limited

(f) Polysil Pipes

(g) Puriya Industrial Packaging Limited (h) Resin Distributors Limited (i) Silvassa Plastics (j) Suniti Commercials Limited (k) Sunshine Fibre Pvt. Limited (l) Techfab (I) Industries Limited (m) Tufropes Pvt. Limited

Significant transactions with related parties:-

i) Fixed Assets sold includes Rs. Nil (Previous Year Rs. 684.19 Lacs) to Techfab (I) Industries Limited and Rs, 45.00 Lacs (Previous Year Rs. Nil) to Swastik Land Developers Limited.

ii) Fixed Assets purchased includes Rs. Nil (Previous Year Rs. 58.74 Lacs) from Techfab (I) Industries Limited and Rs. Nil (Previous Year Rs. 29.64 Lacs) purchased from Puriya Industrial Packaging Limited.

iii) Investments made during the year Rs.50.00 Lacs (Previous Year Rs. Nil. ) in Jai Realty Ventures Limited.

iv) Investments include shares alloted out of Share Application Money of Rs. Nil (Previous Year Rs. 8,151.45 Lacs) in Urban Infrastructure Holdings Pvt. Limited.

v) Investments as at 31st March 2010, include Rs. 12,079.31 Lacs (Previous Year Rs. 12,079.31 Lacs) in Urban Infrastructure Holdings Pvt. Limited

vi) Sundry Debtors as at 31st March, 2010 includes Rs. 1.81 Lacs (Previous Year Rs. 2.50 Lacs) due from Sarbag Pty Limited and Rs. 26.20 Lacs (Previous Year Rs. Nil) due from Tech Fab (I) Industries Limited.

vii) Loans & Advances given includes Rs. 2,048.91 Lacs (Previous Year Rs. 20,127.33 Lacs) to Jai Realty Ventures Limited.

viii) Loans and Advances returned includes Rs. 4,750.30 Lacs (Previous Year Rs.5,016.58 Lacs) from Jai Realty Ventures Limited.

ix) Loans and Advances as at 31st March 2010, includes Rs. 35,977.15 Lacs (Previous Year Rs. 38,678.54 Lacs) in Jai Realty Ventures Limited.

x) Unsecured Loans received include Rs. Nil (Previous Year Rs. 12.16 Lacs) from Jai Corp Finance & Holding Limited.

xi) Unsecured Loans returned include Rs. Nil (Previous Year Rs. 12.16 Lacs) to Jai Corp Finance & Holding Limited .

xii) Sundry Creditors as at 31st March,2010 includes Rs. 15.35 Lacs (Previous Year Rs. 15.30 Lacs) due to Urban Infrastructure Venture Capital Limited.

xiii) Current Liabilities includes Rs. Nil (Previous Year Rs. 0.14 Lacs) due to Poly Resin Agencies (I) Limited.

xiv) Sales includes Rs. Nil (Previous Year Rs. 458.61 Lacs) sold to Puriya Industrial Packaging Limited, Rs. 197.20 Lacs (Previous Year Rs.178.16 Lacs) sold to Sarbags Pty Limited and Rs. 245.35 Lacs (Previous Year Rs. Nil) sold to Techfab (I) Industies Limited.

xv) Services includes Rs. Nil (Previous Year Rs. 552.74 Lacs) provided to Puriya Industrial Packaging Limited.

xvi) Interest received includes Rs. Nil (Previous Year Rs. 99.27 Lacs) from Techfab (I) Industries Limited.

xvii) Miscellaneous Income includes Rs. Nil (Previous Year Rs.0.29 Lacs) from Silvassa Plastics, Rs. 0.11 Lacs (Previous Year Rs. Nil) from Techfab (I) Industries Ltd. and Rs. Nil (Previous Year Rs. 0.12 Lacs) from Polyfibre Industries Pvt. Ltd.

xviii) Purchased includes Rs. Nil (Previous Year Rs. 4.88 Lacs) from Puriya Industrial Packaging Limited, Rs. Nil (Previous Year Rs. 95.36 Lacs) from Sunshine Fibres Pvt. Limited. and Rs. 0.39 Lacs (Previous Year Nil) from Polysil Pipes.

xix) Discount on Raw Material includes Rs. 1,153.22 Lacs (Previous Year Rs. 1,000.93 Lacs ) received from Resin Distributors Limited.

xx) Recovery of Expenses represents Rs. Nil (Previous Year Rs. 1.46 Lacs) from Jai Corp Finance and Holding Limited.

xxi) Dividend on Preference Shares paid includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain, Rs. 0.55 Lacs (Previous Year Rs. 0.55 Lacs) to Smt. Rina Jain and Rs. 0.45 Lacs (Previous Year Rs. 0.45 Lacs) to Smt. Laxmi Jain.

xxii) Directors Remuneration and Perquisits includes Rs. 26.35 Lacs (Previous Year Rs.26.16 Lacs) paid to Shri Gaurav Jain , Rs. 21.00 Lacs (Previous Year Rs. 12.00 Lacs) paid to Shri V. S. Pandit and Rs. Nil (Previous Year Rs. 4.00 Lacs) paid to Shri Virendra Jain.

xxiii) Directors Sitting Fee includes Rs. 0.70 Lacs (Previous Year Rs.0.30 Lacs) paid to Shri Virendra Jain , Rs. Nil (Previous Year Rs.0.05 Lacs) paid to Shri S.P Jain., Rs. 0.25 Lacs (Previous Year Rs. 0.25 Lacs) paid to Shri J.K. Jain and Rs. 0.25 Lacs (Previous Year Rs. 0.25 Lacs) paid to Shri Anand Jain.

xxiv) Job work charges includes Rs. Nil (Previous Year Rs. 9.89 Lacs) paid to Puriya Industrial Packaging Limited.

xxv) Reimbursment of expenses includes Rs. 0.04 Lacs (Previous Year Rs. Nil) Paid to Techfab (I) Industries Limited.

xxvi) Investment Management Fee includes Rs. 69.18 Lacs (Previous Year Rs. 65.95 Lacs) paid to Urban Infrastructure Venture Capital Limited.

xxvii) Other Expenses include Rs. 2.77 Lacs (Previous Year Rs. 1.44 Lacs) paid to Poly Resin Agencies (I) Limited, Rs. 0.08 Lacs (Previous Year Rs. 0.73 Lacs) paid to Resin Distributor Limited,and Rs. Nil (Previous Year Rs. 0.54 Lacs) paid to Jai Corp Finance & Holding Limited.

5 The Leasehold Land, Building and Electric Installation having net block amounting to Rs. 4.17 Lacs, Rs. 15.71 Lacs and Rs. Nil (Previous Year Rs. 4.09 Lacs, Rs. 20.86 Lacs and Rs. 2.18 Lacs) respectively as at 31st March, 2010, are held for sale in respect of Murbad Unit. Pending sale/disposal of such assets, the profit/loss if any on this account will be accounted for, as and when the same are sold.

6 The pevious years figures have been regrouped, rearranged, restated and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an internal part of the current year fnancial statements & are to be read in relation to the amount and other disclosures relating to the current year.

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